Foreign Institutional Investors (FIIs) exhibited a Bearish stance in the Bank Nifty Index Futures market by Shorting 1391 contracts with a total value of 98 crores. This activity led to a increase of 6475 contracts in the Net Open Interest.
Bank Nifty has formed a perfect DOJI and price is still below 47853 as discussed in below video. Price is still trading between Double Ingress High of 47853 and Low of 47230. Tommorow we have Mercury COnjucnt Jupiter in Helio so we can see another volatile session. CPI data both in India and US came above expectation, For Tommrow watch out for first 15 mins High and Low to capture trend of the day. Bears need 1 Hour close below 47230 for an impulsive downmove.
Bank Nifty saw a small dip yesterday which was nowhere near what carnage we have seen in Small and Mid Cap space, Thanks to Weekly expiry and HDFC Bank, But it been observed the effect will be seen in next day if somehow market do not react on Weekly expiry day. Today we have “Bayer Rule 2: Trend goes down within 3 days when the speed difference between Mars and Mercury is 59 minutes. Leads to Big Move ” So If Bank Nifty breaks 46900 we can see fast decline towards 46656 whic us an important gann number.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 47156 for a move towards 47375/47594/47812 . Bears will get active below 46844 for a move towards 46625/46405.
Traders may watch out for potential intraday reversals at 09:30,10:16,11:02,12:20,01:58 How to Find and Trade Intraday Reversal Times
Bank Nifty Feb Futures Open Interest Volume stood at 19.2 lakh, with liqudiation of 2.6 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 01:11 and Bank Nifty Rollover Cost is @45685 closed above it.
Bank Nifty Gann Monthly Trade level :47108 closed below it.
Bank Nifty has closed near its 50/100 DMA
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 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 47300 strike, followed by the 47500 strike. On the put side, the 47000 strike has the highest OI, followed by the 46800 strike.This indicates that market participants anticipate Bank Nifty to stay within the 46800-47500range.
The Bank Nifty options chain shows that the maximum pain point is at 47000 and the put-call ratio (PCR) is at 0.82 . 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 47530. 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 47297, Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 47050 Tgt 47184, 47310 and 47485 (BANK Nifty Spot Levels)
Sell Below 46832 Tgt 47729, 47555 and 46385 (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.