Foreign Institutional Investors (FIIs) exhibited a Bullish stance in the Bank Nifty Index Futures market by Buying 12432 contracts with a total value of 898 crores. This activity led to a decrease of 8564 contracts in the Net Open Interest.
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.
North Node did its work and we saw huge voaltlity in the market. Now Tommrow we have RBI Policy at 10 AM and Venus Ingress, Venus is one of the closest planets to Earth, meaning that its Ingress are more powerful and intense than other planets. It has us rethinking and reassessing all this Venusian: relationships, affection, money, pleasure, and art. Bank Nifty has closed abbove 47843, till its holding thats price can rally towards all time high. Tomorrow first 15 mins High and Low will decide the trend of the day.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 48149 for a move towards 48367/48584/48801 . Bears will get active below 47932 for a move towards 47714/47497/47729.
Traders may watch out for potential intraday reversals at 9:38,11:41,1:15,2:44 How to Find and Trade Intraday Reversal Times
Bank Nifty April Futures Open Interest Volume stood at 18.1 lakh, with liquidation of 2.2 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a closeure of SHORT positions today.
Bank Nifty Advance Decline Ratio at 10:03 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 48200 strike, followed by the 48500 strike. On the put side, the 47800 strike has the highest OI, followed by the 47500 strike.This indicates that market participants anticipate Bank Nifty to stay within the 47800-48300 range.
The Bank Nifty options chain shows that the maximum pain point is at 48000 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 47621 . 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 48143 , Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 48156 Tgt 48300, 48424 and 48551 ( BANK Nifty Spot Levels)
Sell Below 48000 Tgt 47864, 47729 and 47525 (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.