Foreign Institutional Investors (FIIs) exhibited a Bullish stance in the Bank Nifty Index Futures market by Buying 2329 contracts with a total value of 162 crores. This activity led to a decrease of 4339 contracts in the Net Open Interest.
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 again had a volatile session but continue to trade above 1×2 gann angle and closed above its short term moving averages suggesting buying at lower levels. Today we have VENUS Ingress and Gann Important 16 Feb date, For Gann Students observe what has happened at 16 Feb in last 4 years you will get an idea on gann short term cycle. For Bears to come back price needs to go below 45885 .
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. — Waiting for 46555
Traders may watch out for potential intraday reversals at 10:58,11:39,01:14,02:41 How to Find and Trade Intraday Reversal Times
Bank Nifty Feb Futures Open Interest Volume stood at 28.2 lakh, with liquidation of 2.9 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 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 46000-46500 range.
The Bank Nifty options chain shows that the maximum pain point is at 46300 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 45829 . 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 46093, Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 46400 Tgt 46512, 46610 and 46729 (BANK Nifty Spot Levels)
Sell Below 46225 Tgt 46108, 46000 and 45850 (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.