Foreign Institutional Investors (FIIs) exhibited a Bullish stance in the Bank Nifty Index Futures market by Buying 4911 contracts with a total value of 353 crores. This activity led to a increase of 10833 contracts in the Net Open Interest.
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.
Mercury and Jupiter both have turned direct as discuused in below video, Mercury is moving in Sagittarius. Today we have Moon Declination which is very important as discussed in below video. Intrdaay traders can use first 15 mins High and low to trade.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 47817 for a move towards 48037/48257 . Bears will get active below 47597 for a move towards 47376/47156
Traders may watch out for potential intraday reversals at 10:00,11:35,12:01,1:41,2:20 How to Find and Trade Intraday Reversal Times
Bank Nifty Dec Futures Open Interest Volume stood at 22.8 lakh, addition of 2.3 lakh contracts. Additionally, the decrease in Cost of Carry implies that there was a addition of SHORT positions today.
Bank Nifty Advance Decline Ratio at 01:11 and Bank Nifty Rollover Cost is @48411 closed below it.
Bank Nifty Gann Monthly Trend Change Level : 47905
Bank Nifty is near its 20 SMA @ 47632
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 47800 strike, followed by the 48000 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 47300-47800 range.
The Bank Nifty options chain shows that the maximum pain point is at 47500 and the put-call ratio (PCR) is at 0.82 . 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 48455 . 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 48164, Which Acts As An Intraday Trend Change Level.
Bank Nifty Expiry Range
Upper End of Expiry : 47963
Lower End of Expiry : 47236
Bank Nifty Intraday Trading Levels
Buy Above 47826 Tgt 47956, 48093 and 48225 ( Bank Nifty Spot Levels)
Sell Below 47600 Tgt 47559, 47360 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.