Foreign Institutional Investors (FIIs) exhibited a Bearish stance in the Bank Nifty Index Futures market by Shorting 3565 contracts with a total value of 255 crores. This activity led to a increase of 7549 contracts in the Net Open Interest.
Bank Nifty will be completing 108 trading days from the 26th of October Low, and today, being during Mercury Retrograde, which is a very powerful astrological event, we can anticipate an explosive move in Bank Nifty tomorrow. Bears will need to break 47391 for a swing of 323 points from this level. Bulls aiming above 47650 will target 47843.
Bank Nifty is consolidating in range of 47279-47676 before the RBI policy outcome, we will also see Banking stock provisional data coming out, HDFC BANK is holding bank nifty in positive terrotiry, tommrow we have SUN Conjunct North Node so we can expect voaltlity in the market. Till Bank Nifty is holding 47350-47370 range on closing basis bulls have an upper hand.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 47607 for a move towards 47823/48039/48254 . Bears will get active below 47477 for a move towards 47260/47044/46827.
Traders may watch out for potential intraday reversals at 9:15,10:26,12:01,2:25 How to Find and Trade Intraday Reversal Times
Bank Nifty April Futures Open Interest Volume stood at 18.9 lakh, with liquidation of 13.4 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 11:01 and Bank Nifty Rollover Cost is @47224 closed above it.
Bank Nifty Gann Monthly Trade level :47391 closed above it.
Bank Nifty has closed above its 20/30 DMA suggesting trend is buy on dips till we are holding 47391
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 44610-45937-47265-48671. 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 47800 strike, followed by the 48000 strike. On the put side, the 47500 strike has the highest OI, followed by the 47000 strike.This indicates that market participants anticipate Bank Nifty to stay within the 47000-47800 range.
The Bank Nifty options chain shows that the maximum pain point is at 47600 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 .
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For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 47517 . 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 47807 , Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 47650 Tgt 47777, 47888 and 48000 ( BANK Nifty Spot Levels)
Sell Below 47575 Tgt 47460, 47323 and 47129 (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.