Foreign Institutional Investors (FIIs) exhibited a Bullish stance in the Bank Nifty Index Futures market by Buying 9533 contracts with a total value of 672 crores. This activity led to a decrease of 353 contracts in the Net Open Interest.
Bank Nifty reacted from Gann Annual TC level, 01 Dec Mercury is moving in Capricon, as Mercury is inner plannet it causes swift move, Bank Nifty will react to exit polls results which are giving a mixed picture real picture of election will come on 03 Dec results. 04 Dec Bank nifty will complete 90 days from the 21 Jul Swing High. 44700-44723 can be a tricky zone as its 62.5 % of 46310-42105 and 50% of 46310-43230. Keep Eye on PSU Banks for next 2 trading session. In 2018 Bank Nifty saw a cut of 1% + on Exit Poll Results.
Bank Nifty is expected to complete a 240-degree move tomorrow, i.e., on December 6, 2023, from the high recorded on December 14, 2022. The Bank Nifty has experienced an exponential rise since the low formed on November 23, coinciding with the confluence of Mars and Sun Ingress. It formed a DOJI on its 7th trading session. Whether the DOJI will lead to a reversal confirmation will be confirmed once we start trading below 46650-46666 for at least 15 minutes. The VIX has also witnessed a breakout today, closing above 13 leading to increase in volatlity and wild intraday move.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 47085 for a move towards 47301/47517/47733. Bears will get active below 46795 for a move towards 46578/46361
Traders may watch out for potential intraday reversals at 9:55, 12:55,1:31,2:22 How to Find and Trade Intraday Reversal Times
Bank Nifty Dec Futures Open Interest Volume stood at 21.7 lakh, liquidation of 0.42 lakh contracts. Additionally, the incarease in Cost of Carry implies that there was a liquidation of SHORT positions today.
Bank Nifty Advance Decline Ratio at 11:01 and Bank Nifty Rollover Cost is @44692 closed above it.
Bank Nifty Gann Monthly Trend Change Level : 46653
Bank Nifty has closed above its 20/50/100/200 DMA, TIll 46653 is held bulls have upper hand and trend is Buy on Dips.
Traders who follow the musical octave trading path may find valuable insights in predicting Bank Nifty’s movements. According to this path, Bank Nifty may follow a path of 45923-47290-48656 . This means that traders can take a position and potentially ride the move as Bank Nifty moves through these levels. Of course, it’s important to keep in mind that trading is inherently risky and market movements can be unpredictable.
According to the Bank Nifty options chain, the call side has the highest open interest (OI) at the 47000 strike, followed by the 47300 strike. On the put side, the 46800 strike has the highest OI, followed by the 46500 strike.This indicates that market participants anticipate Bank Nifty to stay within the 47300-46700 range.
The Bank Nifty options chain shows that the maximum pain point is at 47000 and the put-call ratio (PCR) is at 0.85 . Typically, when the PCR open interest ranges between 0.90 and 1.05, the market tends to remain range-bound. PCR is on extreme end suggesting we can see sharp reversal .
My advice to any new traders is to seek a mentor who will offer you trading skills that will allow you to adapt to any market. What works one month may not work the next. But with fully developed trading skills, you can make the necessary adjustments.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 45747 . Going Long Or Short Above Or Below This Level Can Help Them Stay On The Same Side As Institutions, With A Higher Risk-reward Ratio. Intraday Traders Can Keep An Eye On 47101 , Which Acts As An Intraday Trend Change Level.
Bank Nifty Expiry Range
Upper End of Expiry : 47343
Lower End of Expiry : 46680
Bank Nifty Intraday Trading Levels
Buy Above 47050 Tgt 47200, 47343 and 47512 ( Bank Nifty Spot Levels)
Sell Below 46930 Tgt 46700, 46555 and 46390 ( Bank Nifty Spot Levels)
Wishing you good health and trading success as always.As always, prioritize your health and trade with caution.
As always, it’s essential to closely monitor market movements and make informed decisions based on a well-thought-out trading plan and risk management strategy. Market conditions can change rapidly, and it’s crucial to be adaptable and cautious in your approach.