Bank Nifty Trade Plan for 28 March 2024

By | March 27, 2024 10:33 pm

Foreign Institutional Investors (FIIs) exhibited a Bullish  stance in the Bank Nifty Index Futures market by Shorting 8997  contracts with a total value of 650crores. This activity led to a decrease of 8266 contracts in the Net Open Interest.

As Discuused in Last Analysis

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 continues to trade around the 1×2 Gann Angle but has failed to close above its Octave Point of 46911. In the last 4 trading sessions, Bank Nifty highs were 46990/46974/46956. Therefore, Bulls need a close above 47000 for a trending move to occur. Tomorrow, we will have the Weekly/Monthly/Quarterly/Annual closing for Bank Nifty. Additionally, tomorrow we have Bayer’s Rule No. 38, ‘Mercury Latitude Heliocentric.’ Some significant tops and bottoms are produced when Mercury in this motion passes the above-mentioned degrees, which will come into effect. Therefore, the first 15 minutes’ High and Low can guide traders.

Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 46800 for a move towards 47000/47200/47541 . Bears will get active below 46600 for a move towards 46444/46257/46042.

Traders may watch out for potential intraday reversals at 09:33,11:31,12:30,01:31,02:25  How to Find and Trade Intraday Reversal Times

Bank Nifty April Futures Open Interest Volume stood at 31.9 lakh, with addition of 6.8 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a closeure of LONG positions today.

Bank Nifty Advance Decline Ratio at 07:05 and Bank  Nifty Rollover Cost is @47224 closed above it.  Rollover @ 55.9 % 

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.

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 46800 and the put-call ratio (PCR) is at 0.85. 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 47229. 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 47229, Which Acts As An Intraday Trend Change Level.

BANK Nifty Intraday Trading Levels

Buy Above 46800 Tgt 46920, 47108 and 47259 ( BANK Nifty Spot Levels)

Sell Below 46729 Tgt 46610, 46500 and 46323 (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.

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