Bank Nifty 26 April 2024 Trade Plan

By | April 26, 2024 9:06 am

Foreign Institutional Investors (FIIs) exhibited a Bullish stance in the Bank Nifty Index Futures market by Buying 6773 contracts with a total value of 493   crores. This activity led to a increase of 9919  contracts in the Net Open Interest.

As Discuused in Last Analysis

RBI bans Kotak Bank for onboarding of new customers via online and mobile banking also and also bans issuance of new credit cards. Kotak Bank has weightage of 10% on Bank Nifty and Axis Bank has around 9%. Axis Bank came with a good set of numbers so Axis Bank can counter Kotak Bank,  Today Mercury Retrograde is getting over which generally leads to trend change, Bulls need to protect 47818 unable to do so can lead to fall towards 47525. Bank NIfty has formed an NR7 pattern suggesting we should see a big move in bank nifty is next 2 trading session.

PSU Banks came to rescue for Bank NIfty negating Kotak Bank Fall, Bank Nifty saw range extension due to NR21 pattern as discussed. TIll Bulls are holding 48174 they have upper hand. Mercury changing direction can lead to trend change so trade cautiously in next 3 trading session due to lot of astro events happening.



Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 48611 for a move towards 48829/49048/49266. Bears will get active below 48392 for a move towards 48174/47955/47737


Traders may watch out for potential intraday reversals at 09:45,11:54,1:55,2:44 How to Find and Trade Intraday Reversal Times

Bank Nifty May Futures Open Interest Volume stood at 18.5 lakh, with addition of 2.4 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a addition of LONG positions today.

Bank Nifty Advance Decline Ratio at 10:02 and Bank  Nifty Rollover Cost is @47985 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 47857.

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 48500 strike, followed by the 49000 strike. On the put side, the 48000  strike has the highest OI, followed by the 47500 strike.This indicates that market participants anticipate Bank Nifty to stay within the 48000-49000 range. 

The Bank Nifty options chain shows that the maximum pain point is at 48500   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 .

Simplicity in trading demonstrates wisdom. Complexity is the sign of inexperience.

For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 48550. 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 48494 , Which Acts As An Intraday Trend Change Level.

BANK Nifty Intraday Trading Levels

Buy Above 48500 Tgt 48610, 48777  and 48864 ( BANK Nifty Spot Levels)

Sell Below 48323 Tgt 48212, 48108 and 47960 (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.

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