Foreign Institutional Investors (FIIs) exhibited a Bearish stance in the Bank Nifty Index Futures market by Shorting 2578 contracts with a total value of 188 crores. This activity led to a increase of 322 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
Yesterday was Jupiter Declination and today we have Double Lunar Date expect good degree of volataltiy in the Nifty as both moon and Jupiter has strong impact on Nifty. For Intraday Traders watch for first 15 mins High and Low to capture trend of the day.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 47900 for a move towards 48108/48219 . 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
Bank Nifty Dec Futures Open Interest Volume stood at 11.5 lakh, liquidation of 2.5 lakh contracts. Additionally, the decrease in Cost of Carry implies that there was a covering of LONG positions today.
Bank Nifty Advance Decline Ratio at 09:03 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 47610 is held bulls have upper hand and trend is Buy on Dips. — Bulls were able to capture 47610 in just 1 day suggesting till 47786 is held today BUlls have upper hand.
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 48300 strike. On the put side, the 47500 strike has the highest OI, followed by the 47300 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 47800 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 47137 . 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 47768 , Which Acts As An Intraday Trend Change Level.
Bank Nifty Intraday Trading Levels
Buy Above 47888 Tgt 48000, 48125 and 48350 ( Bank Nifty Spot Levels)
Sell Below 47785 Tgt 47630, 47485 and 47300 ( 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.