Foreign Institutional Investors (FIIs) exhibited a Bearish stance in the Bank Nifty Index Futures market by Shorting 34787 contracts with a total value of 2437 crores. This activity led to a decrease of 2063 contracts in the Net Open Interest.
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 had biggest decline after May 2020 failing 4.3% in single trading session all thanks to HDFC bank, We had a discssuion how astro and gann cycle combination can lead to a big move. Fall was Brutal and tommrow we can have another decline in open as HDFC is trading another 6% down. 45370 is level to be watched out for.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 20580 for a move towards 20725. Bears will get active below 20435 for a move towards 20291/20146
Traders may watch out for potential intraday reversals at 09:15,11:02,12:18,1:22,2:27 How to Find and Trade Intraday Reversal Times
Bank Nifty Dec Futures Open Interest Volume stood at 24.1 lakh, addition of 3.9 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 00:09 and Bank Nifty Rollover Cost is @48411 closed below it.
Bank Nifty Gann Monthly Trend Change Level : 47843– Closed below it.
Bank Nifty has closed above its 20/50 SMA heading towards 45280 @100 SMA
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 44610-45937-47265-48671 . 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 46500 strike, followed by the 47000 strike. On the put side, the 46000 strike has the highest OI, followed by the 45500 strike.This indicates that market participants anticipate Bank Nifty to stay within the 45500-46000 range.
The Bank Nifty options chain shows that the maximum pain point is at 46000 and the put-call ratio (PCR) is at 0.7 . 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 48017 . 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 46760, Which Acts As An Intraday Trend Change Level.
Bank Nifty Intraday Trading Levels
Buy Above 45910 Tgt 46124, 46337 and 46550 ( Bank Nifty Spot Levels)
Sell Below 45697 Tgt 45484, 45285 and 45108 ( 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.