Bank Nifty 20 March 2024 Weekly Expiry Analysis

By | March 20, 2024 8:26 am

Foreign Institutional Investors (FIIs) exhibited a Bearish stance in the Bank Nifty Index Futures market by Shorting 11597 contracts with a total value of 811 crores. This activity led to a increase of 9227 contracts in the Net Open Interest.

As Discuused in Last Analysis

Bank NIfty continue to make lower low and price is closing below 46656 and almost at gann angle, suggesting possible price time squaring. Price has completed 144 Days and 99 Bar from 26 Oct 2023 low. Also we have Important Astro Event involving Mercury and Neptune as discussed in below video suggesting we should see trending move in bank nifty in next 2 trading session. Bulls need an close above 46656 ,Bears below 46225.

Today we have Sun INgress and Gann 1 Year cycle completing as shown in below video, Price has closed below its 50 SMA and Gann ANgle. We will open gap up today, BUlls and Bears will fight for 46610-46656 range. Fed Policy outcome will come tonight so tommorow we will see a gap up or gap down, If today we close below 21900 probablity of price opening gap down is higher. Overnight positions should be hedged. Today First 15 mins HIgh and LOw will guide for the day.

Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 46579  for a move towards 46796/47014/47231 . Bears will get active below 46362  for a move towards 466144/45927/45710.

Traders may watch out for potential intraday reversals at 09:38,10:37,12:08,01:43,02:51  How to Find and Trade Intraday Reversal Times

Bank Nifty Feb  Futures Open Interest Volume stood at 19.3 lakh, with liqudiation of 0.2  lakh contracts. Additionally, the decrease in Cost of Carry implies that there was a closeure of SHORT positions today.

Bank Nifty Advance Decline Ratio at 05:07 and Bank  Nifty Rollover Cost is @45685 closed above it. 

Bank Nifty Gann Monthly  Trade level :47108  closed below it.

Bank Nifty  has closed below its 20/50 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 46500 strike, followed by the 46800  strike. On the put side, the 46300 strike has the highest OI, followed by the 46000 strike.This indicates that market participants anticipate Bank Nifty to stay within the 46000-46800 range. 

The Bank Nifty options chain shows that the maximum pain point is at 46400 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 47308  . 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 46553 , Which Acts As An Intraday Trend Change Level.

BANK Nifty Expiry Range

Upper End of Expiry : 46726

Lower End of Expiry : 46041


BANK Nifty Intraday Trading Levels

Buy Above 46430 Tgt 46555, 46666 and 46800 ( BANK Nifty Spot Levels)

Sell Below 46323 Tgt 46225, 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.

Category: Bank Nifty Price Time Sqaure

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.

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