Foreign Institutional Investors (FIIs) exhibited a Bearish stance in the Bank Nifty Index Futures market by Shorting 8525 contracts with a total value of 609 crores. This activity led to a decrease of 3353 contracts in the Net Open Interest.
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 experienced a significant fall due to the Solar Eclipse 180 Degree effect and the Sun conjunct Mercury, as discussed below. Currently, Bank Nifty is near its 20/30 SMA, indicating a potential bounce as long as it holds above 47,391 on the downside. Today’s market opening at 09:15 is crucial for setting the trend of the day, with the first five minutes being particularly important.
Additionally, Infosys is announcing its results today, which may lead to movement opposite to Infosys’s performance. If Bank Nifty falls below 47,391 (the monthly open), bears may witness a sharp drop toward 47,000.
Tomorrow is an important day with key astro dates, so a significant move could be expected.
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 47391 for a move towards 47176/46960/46744
Traders may watch out for potential intraday reversals at 9:15,11:13,12:08,2:04,2:29 How to Find and Trade Intraday Reversal Times
Bank Nifty April Futures Open Interest Volume stood at 18.3 lakh, with liquidation of 0.20 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 01:11 and Bank Nifty Rollover Cost is @47224 closed above it.
Bank Nifty Gann Monthly Trade level :47391 closed above it.
Bank Nifty has closed at its 20/30 DMA suggesting trend is NEUTRAL
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 48000 strike, followed by the 48500 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 47000-48000 range.
The Bank Nifty options chain shows that the maximum pain point is at 47500 and the put-call ratio (PCR) is at 0.84. 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 .
If you don’t trust the system while you’re in a trade, you’ll become impatient. Impatience makes you exit too soon – afraid that profits will dissipate – or too late, because you don’t want to take a loss.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 48074 . 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 47610 , Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 47500 Tgt 47624, 47763 and 47900 ( BANK Nifty Spot Levels)
Sell Below 47421 Tgt 47333, 47188 and 47050 (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.