Bank Nifty 08 May 2024 Weekly Expiry Analysis

By | May 7, 2024 10:43 pm

Foreign Institutional Investors (FIIs) exhibited a Bearish stance in the Bank Nifty Index Futures market by Shorting 9321 contracts with a total value of 679 crores. This activity led to a increase of 7201 contracts in the Net Open Interest.

As Discuused in Last Analysis

Bank Nifty formed an Inside Bar on Astro which is a very good combination to capture the next move. Today being an Election Day we can see good voaltlity in Bank Nifty. Results season has been OK kind not so great results. Price is trading below its MOnthly Open of 49262 but closing above its 20 SMA @48398. So range of 49262-48398 become a neutral range. Break of this range can lead to move of 1000+ points.

Bank Nifty has closed below 48398 and tommrow we have below Astro Events, suggesting first 15 mins High and Low will Guide for the day.

Bayer Rule 7: There are changes on market when Venus or Mars goes over its Aphelium Perihelium (Geocentric) and NEW MOON

Mars is plannet of POWER so it will add fire to move tommrow, so bank nifty can have explosive expiry tommrow.

Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 48494 for a move towards 48716/48939. Bears will get active below 48271 for a move towards 48048/47825

Traders may watch out for potential intraday reversals at 09:53,12:38,1:04,2:40 How to Find and Trade Intraday Reversal Times

Bank Nifty May Futures Open Interest Volume stood at 21.8 lakh, with addition of 1.4 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a addition of SHORT positions today.

Bank Nifty Advance Decline Ratio at 01:11 and Bank  Nifty Rollover Cost is @47985 closed above it.

Bank Nifty Gann Monthly  Trade level :49262 closed below it.

Bank Nifty closed below 20 SMA @48409, Trend is Sell on Rise till below 48500.

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 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 47500-8500 range. 

The Bank Nifty options chain shows that the maximum pain point is at 48200 and the put-call ratio (PCR) is at 0.96. 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 .

Some trades are meant to go for the gold, while others are meant to go for golden nuggets. The more nuggets you collect, the bigger your pot of gold.

For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 48933 . 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 48551 , Which Acts As An Intraday Trend Change Level.

Bank Nifty Expiry Range

Upper End of Expiry : 48715

Lower End of Expiry : 47855

BANK Nifty Intraday Trading Levels

Buy Above 48323 Tgt 48444, 48610 and 48777 ( BANK Nifty Spot Levels)

Sell Below 48200 Tgt 48108, 47991 and 47729 (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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