Foreign Institutional Investors (FIIs) exhibited a Bearish stance in the Bank Nifty Index Futures market by Shorting 12205 contracts with a total value of 879crores. This activity led to a increase of 16849 contracts in the Net Open Interest.
Mars has shown its impact we saw a big move in Bank Nifty, Bank Nifty opened above 47690 so bears were on backhand from the opening and Mars added fuel to fire. TIll Bulls are holding 47729 Bank Nifty is moving towards its all time high towards 48500/48666.Bears only have chance once below 47729.
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 47800-47850range is crucial for bulls to sustain above it, Unable to do so we can see gap filling.
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
Traders may watch out for potential intraday reversals at 10:29,11:37,1:18,1:57 How to Find and Trade Intraday Reversal Times
Bank Nifty Dec Futures Open Interest Volume stood at 23.6 lakh, addition of 4.6 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 02:10 and Bank Nifty Rollover Cost is @48411 closed below it.
Bank Nifty Gann Monthly Trend Change Level : 47905
Bank Nifty has closed from it 20 SMA @ 47735
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 48200 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 0.96 . 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 .
Don’t be afraid to ask for help. If you’re struggling with trading, don’t be afraid to ask for help from a more experienced trader. There are many resources available to help you improve your trading skills.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 48292. 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 47937, Which Acts As An Intraday Trend Change Level.
Bank Nifty Intraday Trading Levels
Buy Above 47700 Tgt 47875, 48000 and 48108 ( Bank Nifty Spot Levels)
Sell Below 47557 Tgt 47450, 47323 and 47200 ( 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.