Bank Nifty 23 April 2024 Trade Plan

By | April 22, 2024 11:18 pm

Foreign Institutional Investors (FIIs) exhibited a Bearish stance in the Bank Nifty Index Futures market by Shorting 4613 contracts with a total value of 334 crores. This activity led to a decrease of 11043 contracts in the Net Open Interest.

As Discuused in Last Analysis

Israel has conducted an attack, which is expected to impact market openings significantly. The Bank  Nifty is likely to open with a gap down 46656  should be watched out for swing traders,Intraday  traders should closely monitor the high and low of the first 15 minutes of trading to determine the day’s trend.

Today also sees a conjunction of Mercury and Venus, two inner planets known for causing swift market movements. This emphasizes the need for traders to be flexible and agile in their approach. Adaptability and quick decision-making will be key to navigating the market dynamics effectively today.

Bank Nifty has bounced from its 1×2 gann angle and closed above 50% point of the current move. Bank Nifty till its Holding today Low 47628 Bulls will have upper hand till 25 April.

Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 48064 for a move towards 48283/48501/48719 . Bears will get active below 47596 for a move towards 47376/47157/46937

Traders may watch out for potential intraday reversals at 10:09,12:22,1:49,2:37 How to Find and Trade Intraday Reversal Times

Bank Nifty April Futures Open Interest Volume stood at 13.9 lakh, with liquidation of 2.5 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 09:03 and Bank  Nifty Rollover Cost is @47224 closed above it.

Bank Nifty Gann Monthly  Trade level :47391 closed above it.

Bank Nifty closed above 20/50/100 SMA, Trend is Buy on Dips till above 47618.

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 47500-48500 range. 

The Bank Nifty options chain shows that the maximum pain point is at 48000  and the put-call ratio (PCR) is at 0.81. 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 47966 . 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 47829 , Which Acts As An Intraday Trend Change Level.

BANK Nifty Intraday Trading Levels

Buy Above 48040 Tgt 48144, 48323 and 48555 ( BANK Nifty Spot Levels)

Sell Below 47888 Tgt 47729, 47610 and 47382 (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: Bank Nifty Bank Nifty Astrology

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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