Foreign Institutional Investors (FIIs) exhibited a Bearish stance in the Bank Nifty Index Futures market by Shorting 6105 contracts with a total value of 429 crores. This activity led to a increase of 6263 contracts in the Net Open Interest.
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 46656 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.
The Nifty Bank recorded its longest losing streak in nearly 12 years, falling for the ninth consecutive sessions, and again, Price again closed below 46656 and formed another DOji, Bank Nifty has formed 5 DOJI in last 5 trading session and tommrowe we will react to FOMC decision on Interst rates, Till Prices are below 46656 Bears have upper hand.
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 09:15,09:55,10:23,12:07,01:49,03:00 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 07:05 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 46300 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 .
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For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 47252 . 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 46467, Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 46350 Tgt 46424, 46610 and 46729 ( BANK Nifty Spot Levels)
Sell Below 46225 Tgt 46108, 46000 and 45864 (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.