Foreign Institutional Investors (FIIs) exhibited a Bullish stance in the Bank Nifty Index Futures market by Buying 6587 contracts with a total value of 448 crores. This activity led to a increase of 10035 contracts in the Net Open Interest.
Bank Nifty was unable to close above 1×2 gann angle and tommrow we have Mars Conjunct Pluto aspect which leads to major trend change and Solar Eclipse date which leads to big move as discussed below.Bulls need to protect 44900 which is 200 DMA after gap down. Bears need to break 44908 for a major down fall towards 44680.
We have seen importance of Astro date and trading with price levels Bank Nifty held on to its 200 DMA and stage a smart recovery and again closed above its 1×2 gann angle. Mars being an energy plannets its adds fuel to fire. Now Bulls need to close above 46000 for upmove to continue. Bears can strike back if price breaks 45879 . Trade cautiously as today also we can see wild swings like yesterday.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 46131 for a move towards 46343/46555. Bears will get active below 45708 for a move towards 45496/45284.
Traders may watch out for potential intraday reversals at 09:27,11:03,12:14,01:39,02:34How to Find and Trade Intraday Reversal Times
Bank Nifty Feb Futures Open Interest Volume stood at 31.1 lakh, with liquidation of 1.9 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 10:02 and Bank Nifty Rollover Cost is @45685 closed above it.
Bank Nifty Gann Monthly Buy Trade level : 46450 and Gann Monthly Sell Trade level : 45879
Bank Nifty has closed above its 200 DMA again 4 time in last 15 days.
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 43344-44634-45923. 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 46000 strike, followed by the 46500 strike. On the put side, the 45800 strike has the highest OI, followed by the 45500 strike.This indicates that market participants anticipate Bank Nifty to stay within the 45800-46300 range.
The Bank Nifty options chain shows that the maximum pain point is at 46000 and the put-call ratio (PCR) is at 0.87. 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 .
If you want to be a good trader “Be the Best Listener.” Listen To Market, Experienced Traders. If a losing trade sets you off, then this can affect your trades going forward. And this is dangerous. We call this trading on “tilt.”
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 45810 . 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 45695 , Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 46131 Tgt 46225, 46323 and 46444 (BANK Nifty Spot Levels)
Sell Below 45900 Tgt 45777, 45610 and 45444 (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.