Analysis of FIIs’ behavior in the Nifty Index Futures market shows a Bearish approach as they displayed a preference for SHORT positions. On a net basis, FIIs went SHORT 2810 contracts worth 301 crores, resulting in an decrease of 6290 contracts in the Net Open Interest.
Bank Nifty experienced a substantial pullback, with prices nearly retracing 62.5 % of the entire decline. Bulls aim to surpass the 48000 level for a potential move towards the all-time high. On the weekly chart, the open equaled the high, indicating a critical level. Bears could assert control if the index falls below 47786 , particularly in the last hour, according to the discussed levels.
Today marks Bayer Rule 22: a trend shift occurs when retrograde Mercury crosses over the Sun. With Sun Conjunct Rx Mer and Sun Conjunct Mercury, involving two aspects of Mercury, we anticipate another volatile market move. Intraday traders should monitor the first 15 minutes’ high and low to capture the day’s trend
Nifty experienced a substantial pullback, with prices nearly retracing 50% of the entire decline. Bulls aim to surpass the 21300 level for a potential move towards the all-time high. On the weekly chart, the open equaled the high, indicating a critical level. Bears could assert control if the index falls below 21181, particularly in the last hour, according to the discussed levels.
Today marks Bayer Rule 22: a trend shift occurs when retrograde Mercury crosses over the Sun. With Sun Conjunct Rx Mer and Sun Conjunct Mercury, involving two aspects of Mercury, we anticipate another volatile market move. Intraday traders should monitor the first 15 minutes’ high and low to capture the day’s trend
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 48002 for a move towards 48219/48436. Bears will get active below 47786 for a move towards 47569/47352/47136
Traders may watch out for potential intraday reversals at 9:48,11:08,12:43,2:18 How to Find and Trade Intraday Reversal Times
Nifty Dec Futures Open Interest Volume stood 1.10 lakh, liquidation of 0.96 lakh contracts. Additionally, the decrease in Cost of Carry implies that there was a covering of LONG positions today.
Nifty Advance Decline Ratio at 35:15 and Nifty Rollover Cost is @21230 closed above it.
Nifty Gann Monthly Trend Change Level : 20729
Nifty has closed above all short term moving averges Trend is Buy on dips till we are holding above 21225. — Bears broke 21225 till its not captured it become sell on rise market.
Traders who follow the musical octave trading path may find valuable insights in predicting Nifty’s movements. According to this path, Nifty may follow a path of 20552-21146-21775 This means that traders can take a position and potentially ride the move as 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 21300 strike, followed by the 21400 strike. On the put side, the 21100 strike has the highest OI, followed by the 21000 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 21250 and the put-call ratio (PCR) is at 0.80 . 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 .
Traders always aim for holy grail in trading. They think that will be the answer for all their hardships they are facing because of trading financial markets.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 21031 . 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 21239 , Which Acts As An Intraday Trend Change Level.
Bank Nifty Intraday Trading Levels
Buy Above 21280 Tgt 21320, 21355 and 21380 ( Bank Nifty Spot Levels)
Sell Below 21220 Tgt 21185, 21150 and 21100 ( 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.