Foreign Institutional Investors (FIIs) exhibited a Bearish stance in the Bank Nifty Index Futures market by Shorting 2557 contracts with a total value of 185 crores. This activity led to a decrease of 3019 contracts in the Net Open Interest.
Bank Nifty has closed above its 20 SMA and now for Bulls to sustain for this uptrend need to close above Monday High 48250 as its High of Solar Eclipse TIme cycle and Mercury Ingress. Today we have HDFC Bank Results which will come during market hours so be ready for a voaltile move.
Bank NIfty will open gap down due to HDFC Bank Results impact we are seeing Provision Increasing in Retail Loans which can lead to sharp decline as per ADR which was down 5%. Price is unable to break its gann angle as shown in below gann angle chart. Due to Gap down Bulls and Bears will fight for 47843.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 48311 for a move towards 48528/48745 . Bears will get active below 48094 for a move towards 47878/47661/47444. — Bulls did not break 48311.
Traders may watch out for potential intraday reversals at 09:27,11:40,12:25,1:27,2:54 How to Find and Trade Intraday Reversal Times
Bank Nifty Dec Futures Open Interest Volume stood at 20.1 lakh, liquidation of 0.09 lakh contracts. Additionally, the decrease in Cost of Carry implies that there was a closure of LONG positions today.
Bank Nifty Advance Decline Ratio at 04:05 and Bank Nifty Rollover Cost is @48411 closed below it.
Bank Nifty Gann Monthly Trend Change Level : 47843– Closed above it.
Bank Nifty has closed above its 20 SMA @ 47849
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 48300 strike, followed by the 48500 strike. On the put side, the 48000 strike has the highest OI, followed by the 47700 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 48000 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 .
In a strongly trending market the signals going with the trend often go for 5 to 8 days to even weeks before giving another reversal. This is so simple, and yet few traders are rich. That is because one of the HARDEST THINGS in all of trading is staying with a position until a clear reversal signal is given.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 48107 . 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 48277, Which Acts As An Intraday Trend Change Level.
Bank Nifty Intraday Trading Levels
Buy Above 47865 Tgt 47975, 48085 and 48195 ( Bank Nifty Spot Levels)
Sell Below 47755 Tgt 47646, 47536 and 47426 ( 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.