Bank Nifty 29-Dec Trade Plan

By | December 29, 2023 7:31 am

Foreign Institutional Investors (FIIs) exhibited a Bullish stance in the Bank Nifty Index Futures market by Buying 2522 contracts with a total value of 186 crores. This activity led to a decrease of 27790 contracts in the Net Open Interest.

As Discussed in Last Analysis

Double Lunar Date showed its impact with Bank Nifty hitting all time high again. Price has retraced the whole move on 20 Dec, Tommrow we have last expiry for the year so bulls till holding 48108 can move towards 48400/48666, Any move below 48000 will invite profit booking. Mars Square Neptune aspect tmmrow as Mars is plannet of energy we should see another 300-444 poinmt move in Bank Nifty.

As we approach the last trading day of 2023, it has been a remarkable year for Bank Nifty, posting an impressive 8.8% gain for the month and a substantial 12.6% increase for the entire year, despite numerous geopolitical challenges. For today, keep an eye on the number 48666, as Bank Nifty marks the completion of 108 trading days from the high on July 21. Wishing you a wonderful New Year celebration, and may you return in 2024 with renewed energy and enthusiasm for the market.

Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 48282 for a move towards 48500/48718 . Bears will get active below 48000 for a move towards 47786/47569 — waiting for 48718

Traders may watch out for potential intraday reversals at 9:15,09:55,2:13,2:40  How to Find and Trade Intraday Reversal Times

Bank Nifty Dec Futures Open Interest Volume stood at 20.8 lakh, addition of 5.2  lakh contracts. Additionally, the decrease in Cost of Carry implies that there was a addition  of LONG positions today.

Bank Nifty Advance Decline Ratio at 11:01 and Bank  Nifty Rollover Cost is @48411 closed above it. 

Bank Nifty Gann Monthly Trend Change Level : 48666

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. — 48666 number to be watched today.




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 48500 strike, followed by the 48700 strike. On the put side, the 48300 strike has the highest OI, followed by the 48000 strike.This indicates that market participants anticipate Bank Nifty to stay within the 48000-48500 range. 

The Bank Nifty options chain shows that the maximum pain point is at 48500  and the put-call ratio (PCR) is at 1 . 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 48848 . 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 48848 , Which Acts As An Intraday Trend Change Level.

Bank Nifty Intraday Trading Levels

Buy Above 48512 Tgt 48630, 48729 and 48864 ( Bank Nifty Spot Levels)

Sell Below 48444 Tgt 48323, 48222 and 48108  ( 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.

Category: Daily

About Bramesh

Bramesh Bhandari has been actively trading the Indian Stock Markets since over 15+ Years. His primary strategies are his interpretations and applications of Gann And Astro Methodologies developed over the past decade.

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