Bank Nifty 27 March 2024 Monthly Expiry Analysis

By | March 27, 2024 7:56 am

Foreign Institutional Investors (FIIs) exhibited a Bullish  stance in the Bank Nifty Index Futures market by Buying 7231  contracts with a total value of 490 crores. This activity led to a decrease of 6065 contracts in the Net Open Interest.

As Discuused in Last Analysis

Bank Nifty again failed to  close above the 50 SMA and made another DOJI, Tomorrow, IT stocks will take a beating as Accenture has lowered the growth forecast, suggesting Bank Nifty has to take a lead for market to stablize. Bears need to break 46656 for dowmove to continue. We have Mars ingress and Saturn conjunct Venus aspects, both very important as discussed below. Also, we have a trading holiday on Monday, so carry overnight positions with hedges only.

Bank Nifty again failed to close abve 46656 Gann Number and price is back to Gann angle 1×2 support and Octave Point @ 46532 Price is trading in  range of Mars Ingress of 22 March. The price is ready for a big move as it near 50% Octave Point at 46532 , also near 1×2 Gann angle. With multiple Astro events in the last 2 days, we should see a high-intensity move in Bank Nifty before expiry. Bears need to break 46500 , and bulls need to break 46800 for a trending move to happen.

Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 46899 for a move towards 7113/47327/47541 . Bears will get active below 46471 for a move towards 46257/46042/45828.

Traders may watch out for potential intraday reversals at 09:15,09:52,10:23,11:32,12:49,02:12  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 11:01and 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 20/30 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 46800 strike, followed by the 47000 strike. On the put side, the 46500 strike has the highest OI, followed by the 46200  strike.This indicates that market participants anticipate Bank Nifty to stay within the 46400-47000 range. 

The Bank Nifty options chain shows that the maximum pain point is at 46600 and the put-call ratio (PCR) is at 0.75. 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 46708  . 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 46751, Which Acts As An Intraday Trend Change Level.


BANK Nifty Expiry Range

Upper End of Expiry : 46912

Lower End of Expiry : 46287

BANK Nifty Intraday Trading Levels

Buy Above 46656 Tgt 46777, 46898 and 47008 ( BANK Nifty Spot Levels)

Sell Below 46485 Tgt 46379 , 46230 and 46108  (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 Weekly Expiry

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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