Foreign Institutional Investors (FIIs) exhibited a Bullish stance in the Bank Nifty Index Futures market by Buying 33879 contracts with a total value of 2523 crores. This activity led to a increase of 14511 contracts in the Net Open Interest.
Bank Nifty rallied and made a new life time as Gann and Astro combined as discussed in below video . When Gann and Astro time cycle confluence We see explosive move as seen yesterday. 50653 is important level which needs to be watched out in Bank nifty for current uptrend. Today being Mars Ingress so first 15 mins High and Low will guide for the day. We have MOnthly close today Bulls would like to close above 49000.
The US Fed kept rates unchanged. Bank Nifty formed a DOJI after hitting a fresh all-time high. As long as the price remains above 49000, bulls have the upper hand. The last 1-hour decline was more due to the weekly expiry and trading holiday on May 1st. Today, Pluto is going retrograde, which may cause volatility. The highs and lows of the first 15 minutes will guide us in another volatile session today.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 49442 for a move towards 49661/49881/50101. Bears will get active below 49222 for a move towards 49002/48782/48562.
Traders may watch out for potential intraday reversals at 10:13,12:17,1:16,2:22 How to Find and Trade Intraday Reversal Times
Bank Nifty May Futures Open Interest Volume stood at 22.7 lakh, with addition of 1 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 07:05 and Bank Nifty Rollover Cost is @47985 closed above it.
Bank Nifty Gann Monthly Trade level :49000 closed above it.
Bank Nifty closed above 20/50/100 SMA, Trend is Buy on Dips till above 49000.
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 44610-45937-47265-48671-50077. 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 49500 strike, followed by the 50000 strike. On the put side, the 49000 strike has the highest OI, followed by the 48500 strike.This indicates that market participants anticipate Bank Nifty to stay within the 49000-50000 range.
The Bank Nifty options chain shows that the maximum pain point is at 49500 and the put-call ratio (PCR) is at 1.09. 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 48820. 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 49604 , Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 49500 Tgt 49610, 49777 and 49864 ( BANK Nifty Spot Levels)
Sell Below 49222 Tgt 49108, 49000 and 48888 (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.