Foreign Institutional Investors (FIIs) exhibited a Bearish stance in the Bank Nifty Index Futures market by Shorting 4023 contracts with a total value of 282 crores. This activity led to a decrease of 2939 contracts in the Net Open Interest.
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 has formed an NR21 pattern today, range of today was lowest in last 21 trading session, Today was Sun INgress and we formed a perfect doji. Price is near both Sun and Venus INgress levels and 50% Gann Time Cycle suggesting price is ready for an explosive move on levels as mentioned below.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 46717 for a move towards 46917/47117. Bears will get active below 46317 for a move towards 46117/45918.
Traders may watch out for potential intraday reversals at 10:02,11:08,12:50,2:26,03:05 How to Find and Trade Intraday Reversal Times
Bank Nifty Feb Futures Open Interest Volume stood at 27 lakh, with liquidation of 1 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 04:08 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 30 DMA @46145 but pricing failing to close above 46656 importnat gann level.
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 43344-44634-45923-47290. 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 46500 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 .
You’ve told yourself that you need to follow your rules, that you need to trade smaller, or that you should avoid trading during certain market conditions or times of day. Still you make the same mistakes, lose money, and build frustration., your attempts at change fail because they lack emotional force.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 45923. 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 46694, Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 46610 Tgt 46729, 46900 and 47040 (BANK Nifty Spot Levels)
Sell Below 46444 Tgt 46323, 46108 and 46000 (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.