Bank Nifty 10 April 2024 Weekly Expiry Trade Plan

By | April 10, 2024 1:02 am

Foreign Institutional Investors (FIIs) exhibited a Bullish   stance in the Bank Nifty Index Futures market by Buying 16444  contracts with a total value of 1205 crores. This activity led to a increase of 2402 contracts in the Net Open Interest.

As Discuused in Last Analysis

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 made a new Life High today made Doji closed above previous all time high of 48636 , Tommrow we have Mars Conjunct Saturn aspect, Mars is Plannet of Energy and Saturn is a planet of restriction and contraction, SO tommorow we can see a trending move due to this aspect. 11 APril is a trading Holiday but tommrow we will get UP CPI data which will lead to Gap up or gap down open on Friday so carry overnight position with hedge. TIll Price is Holding 48636  Bulls will have upper hand. For Trading watch for first 15 Mins High and Low to capture trend of the day.

Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 48804 for a move towards 49023/49241/49460 . Bears will get active below 48586 for a move towards 48368/48149/47931

Traders may watch out for potential intraday reversals at 9:21,12:46,1:59,2:28 How to Find and Trade Intraday Reversal Times

Bank Nifty April Futures Open Interest Volume stood at 19.5  lakh, with liquidation of 0.32 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 06:05 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 48656 

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 48700 strike, followed by the 49000 strike. On the put side, the 48500 strike has the highest OI, followed by the 48300 strike.This indicates that market participants anticipate Bank Nifty to stay within the 48300-49000 range. 

The Bank Nifty options chain shows that the maximum pain point is at 48700 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 47965 . 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 48866 , Which Acts As An Intraday Trend Change Level.

Bank Nifty Expiry Range

Upper End of Expiry : 49019

Lower End of Expiry : 48440

BANK Nifty Intraday Trading Levels

Buy Above 48777  Tgt 48900, 49019 and 49300 ( BANK Nifty Spot Levels)

Sell Below 48666  Tgt 48555, 48440  and 48300 (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: Daily

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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