Foreign Institutional Investors (FIIs) exhibited a Bearish stance in the Bank Nifty Index Futures market by Shorting 748 contracts with a total value of 54 crores. This activity led to a decrease of 6666 contracts in the Net Open Interest.
Bank Nifty Bears were able to brerak 47154 went down till 46888, but failed to do our target of 46740. We will open gap up today with US FED Singalling Rate Cut in Feb 2024. The yield on 10-year U.S. Treasuries fall below 4% for the first time since August. Bulls need to sustain above 47450 for a move towards 47610/47729. Today Moon is going to extreme declination so first 15 mins will guide intraday traders.
Bank Nifty broke the 15-minute high on the upside and witnessed a strong rally, achieving a fresh all-time high today. With tomorrow marking the weekly close, bulls are poised to conclude on a high note. Today marked the day when many shorts were flushed out of the system, boosted by positive macro news and a technical breakout. Remember the rule of the stock market: the expensive will become more expensive until the last bear has surrendered. Additionally, today marked the 5th gap from the rally that began on November 22. The next gap, when and if it occurs, will likely be filled
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 47800 for a move towards 47969/48186. Bears will get active below 47536 for a move towards 47320/47103/46886
Traders may watch out for potential intraday reversals at 9:18,11:55,12:46,2:52 How to Find and Trade Intraday Reversal Times
Bank Nifty Dec Futures Open Interest Volume stood at 18.1 lakh, liquidation of 1.02 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 11:01 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 48000 strike, followed by the 48200 strike. On the put side, the 47500 strike has the highest OI, followed by the 47000 strike.This indicates that market participants anticipate Bank Nifty to stay within the 47500-48000 range.
The Bank Nifty options chain shows that the maximum pain point is at 477700 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 46718. 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 47732, Which Acts As An Intraday Trend Change Level.
Bank Nifty Intraday Trading Levels
Buy Above 47800 Tgt 47950, 48108 and 48300 ( Bank Nifty Spot Levels)
Sell Below 47610 Tgt 47500, 47323 and 47108 ( 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.