Foreign Institutional Investors (FIIs) exhibited a Bearish stance in the Bank Nifty Index Futures market by Shorting 1437 contracts with a total value of 101 crores. This activity led to a increase of 2963 contracts in the Net Open Interest.
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 did not do much as discussed in below video, 12-13 are important Gann and Astro date so we can see big move in next 2 trading session.
Bank Nifty formed a DOJI and is approaching 12 Dec which is gann emblem date as shown in below chart from 16 March 2023 Low. Price has made a fresh all time high today and tommrow being weekly expiry and important gann date watch out for first 15 mins High and low to capture trend for the day. Close below 47154 can trigger a gann price time squaring for a move towards 46740.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 47390 for a move towards 47585/47801/48000. Bears will get active below 47154 for a move towards 46938/46722/46507.
Traders may watch out for potential intraday reversals at 9:30,11:48,1:50,2:26 How to Find and Trade Intraday Reversal Times
Bank Nifty Dec Futures Open Interest Volume stood at 19.9 lakh, liquidation of 0.35 lakh contracts. Additionally, the decrease in Cost of Carry implies that there was a liquidation of LONG positions today.
Bank Nifty Advance Decline Ratio at 07:05 and Bank Nifty Rollover Cost is @44692 closed above it.
Bank Nifty Gann Monthly Trend Change Level : 45919
Bank Nifty has closed above its 20/50/100/200 DMA, TIll 46656 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 45937-47265-48671 . 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 47300 strike, followed by the 47500 strike. On the put side, the 47000 strike has the highest OI, followed by the 46800 strike.This indicates that market participants anticipate Bank Nifty to stay within the 47000-47500 range.
The Bank Nifty options chain shows that the maximum pain point is at 47300 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 46461. 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 47555, Which Acts As An Intraday Trend Change Level.
Bank Nifty Intraday Trading Levels
Buy Above 47390 Tgt 47539, 47729 and 47940 ( Bank Nifty Spot Levels)
Sell Below 47256 Tgt 47137, 47000 and 46864 ( 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.