Mars Creates Havoc with Volatile move in Bank Nifty,23 Feb Trade Plan

By | February 23, 2024 9:02 am

Foreign Institutional Investors (FIIs) exhibited a Bullish stance in the Bank Nifty Index Futures market by Buying 1445 contracts with a total value of 100 crores. This activity led to a decrease of 7033 contracts in the Net Open Interest.

As Discussed in Last Analysis

We have seen impact of Bayers Rule No 2 and tommrow we have “RULE NO. 38 MERCURY LATITUDE HELIOCENTRIC Some mighty fine tops and bottoms are produced when Mercury in this motion passes the above mentioned degrees” and Venus conjunct Mars important aspect for short term trading. Intraday traders should watch for first 15 mins high and low to take trade, Mars is plannet of energy to it will lead to voalitle and fast swing tommrow.

Mars did its work we saw a big volatile move as discussed. Bank nifty formed a DOJI, Today Mercury is changing Sign and we have FULL MOON on weekend so another volatile move will be seen, Market sign change genreally leads to trend change so bears need to break 46656 and Bulls need a move above 47089.

Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 47124 for a move towards 47339/47554. Bears will get active below 46909 for a move towards 46694/46479.

Traders may watch out for potential intraday reversals at 10:35,11:19,12:24,1:11,02:15 How to Find and Trade Intraday Reversal Times

Bank Nifty Feb  Futures Open Interest Volume stood at 23.5 lakh, with liquidation of 3.3 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 06:06 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 and above 46666 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 turned from 47290

According to the Bank Nifty options chain, the call side has the highest open interest (OI) at the 47000 strike, followed by the 47300 strike. On the put side, the 46500 strike has the highest OI, followed by the 46300 strike.This indicates that market participants anticipate Bank Nifty to stay within the 46500-47300 range. 

The Bank Nifty options chain shows that the maximum pain point is at 47000 and the put-call ratio (PCR) is at 0.90 . 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 .

Have you lost money recently? Have your trading weaknesses cost you money and opportunity? Consider embracing your flaws: every losing trade is there to teach you something.

For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 46080. 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 46813, Which Acts As An Intraday Trend Change Level.

BANK Nifty Intraday Trading Levels

Buy Above 47050 Tgt 47153, 47275 and 47400 (BANK  Nifty Spot Levels)

Sell Below 46850 Tgt 46725, 46610 and 46485 (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.

Category: Bank Nifty Bank Nifty Astrology

About Bramesh

Bramesh Bhandari has been actively trading the Indian Stock Markets since over 15+ Years. His primary strategies are his interpretations and applications of Gann And Astro Methodologies developed over the past decade.

Leave a Reply