Foreign Institutional Investors (FIIs) exhibited a Bearish stance in the Bank Nifty Index Futures market by Shorting 12103 contracts with a total value of 862 crores. This activity led to a increase of 13657 contracts in the Net Open Interest.
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 saw its first lower low after the rally that started on 22 Nov. Today was the Gann Emblem date and Bank Nifty broke the NR7 pattern low , tomorrow we have a NEW MOON. According to “Bayer Rule 2: Trend goes down within 3 days when the speed difference between Mars and Mercury is 59 minutes. Leads to a Big Move,” so again, the first 15 minutes’ High and Low will guide intraday traders. Price has broken 47154 can lead to fall towards 46740 as per gann price time squaring.
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. — Waiting for 46938/46722/46507.
Traders may watch out for potential intraday reversals at 9:25,11:57,12:47,2:31 How to Find and Trade Intraday Reversal Times
Bank Nifty Dec Futures Open Interest Volume stood at 20 lakh, addition of 5730 lakh contracts. Additionally, the decrease in Cost of Carry implies that there was a liquidation of SHORT positions today.
Bank Nifty Advance Decline Ratio at 03:09 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 47200 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 46800-47300 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 46564. 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 47389, Which Acts As An Intraday Trend Change Level.
Bank Nifty Expiry Range
Upper End of Expiry : 47410
Lower End of Expiry : 46784
Bank Nifty Intraday Trading Levels
Buy Above 47141 Tgt 47229, 47366 and 47555 ( Bank Nifty Spot Levels)
Sell Below 47000 Tgt 46900, 46729 and 46555 ( 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.