Foreign Institutional Investors (FIIs) exhibited a Bullish stance in the Bank Nifty Index Futures market by Buying 4933 contracts with a total value of 353 crores. This activity led to a increase of 3527 contracts in the Net Open Interest.
Mars Declination showed its impact on Bank Nifty as discussed in below video, with price seeing a impulsive correction and breaking its 3×4 gann angle, Last Week low was 47481 and price has closed below it as its low of Inside Bar if today also its sustain below it we can see decline of 500-729 points in remaing part of the week. Today we will open gap up so 47800-47850 range is crucial for bulls to sustain above it, Unable to do so we can see gap filling.
Tommrow we have Moon Declination and SUN Square North Node Aspect, North Node will create voaltlity in the market so be ready for another voaltile move like today. Price has closed below 47481 last week low of inside bar and Doji so bears can be more powerful if tommrow for 1 hour we are trading below 47481. Price has done retest of gann angle today and saw the decline. Weekly Inside bar target is minimum 500 points from 47481
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 47822 for a move towards 47942/48162 . Bears will get active below 47502 for a move towards 47282/47062/46842 — Waiting for 47062/46842
Traders may watch out for potential intraday reversals at 10:08,11:31,1:14,1:53 How to Find and Trade Intraday Reversal Times
Bank Nifty Dec Futures Open Interest Volume stood at 22.6 lakh, liquidation of 1 lakh contracts. Additionally, the decrease in Cost of Carry implies that there was a covering of SHORT positions today.
Bank Nifty Advance Decline Ratio at 03:09 and Bank Nifty Rollover Cost is @48411 closed below it.
Bank Nifty Gann Monthly Trend Change Level : 47763
Bank Nifty has closed from it 20 SMA @ 47806
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. Price is near 47265
According to the Bank Nifty options chain, the call side has the highest open interest (OI) at the 47500 strike, followed by the 47800 strike. On the put side, the 47000 strike has the highest OI, followed by the 46800 strike.This indicates that market participants anticipate Bank Nifty to stay within the 47000-47500 range.
The Bank Nifty options chain shows that the maximum pain point is at 47300 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 .
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For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 48235. 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 47778 , Which Acts As An Intraday Trend Change Level.
BANK Nifty Expiry Range
Upper End of Expiry : 47477
Lower End of Expiry : 46822
Bank Nifty Intraday Trading Levels
Buy Above 47350 Tgt 47450, 47555 and 47729 ( Bank Nifty Spot Levels)
Sell Below 47150 Tgt 47040, 46888 and 46729 ( 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.