Foreign Institutional Investors (FIIs) exhibited a Bullish stance in the Bank Nifty Index Futures market by Buying 18110 contracts with a total value of 1319 crores. This activity led to a decrease of 11086 contracts in the Net Open Interest.
Bank Nifty saw a volatile session today. Tomorrow will be a crucial day as a lot of astrological events are happening, as discussed in the video below:
– Full Moon
– Venus Ingress
– Jupiter Opposition Moon
– Venus Conjunct Jupiter
– Jupiter Sextile Neptune
– Venus Sextile Neptune
We can expect a volatile move. Traders should watch out for the first 15 minutes’ high and low to capture the trend for the day. Jupiter is the planet for Bank Nifty, so banks should see a good move tomorrow.
Bank Nifty showed the impact of Astro date as discussed in below video, Price has again bounced from gann angle as shown in below gann chart, Till 48400 is held bulls have upper hand. 25 Jupiter is going ingress so again we can see a trend change starting next week.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 48967 for a move towards 49186/49404/49623. Bears will get active below 48529 for a move towards 48310/48091/47873.
Traders may watch out for potential intraday reversals at 10:05,12:39,1:27,2:32 How to Find and Trade Intraday Reversal Times
Bank Nifty May Futures Open Interest Volume stood at 21.7 lakh, with liquidation of 0.76 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a closeure of LONG positions today.
Bank Nifty Advance Decline Ratio at 12:00 and Bank Nifty Rollover Cost is @47985 closed above it.
Bank Nifty Gann Monthly Trade level :48449 closed above it.
Bank Nifty closed above 20 SMA @48305 Trend is Buy on Dips.
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 49000 strike, followed by the 49500 strike. On the put side, the 48500 strike has the highest OI, followed by the 48000 strike.This indicates that market participants anticipate Bank Nifty to stay within the 48500-49500 range.
The Bank Nifty options chain shows that the maximum pain point is at 48800 and the put-call ratio (PCR) is at 1.2. 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 .
Trading Edge : An advantage you have discovered and use in your entries that helps you execute your trade in a high probability way … makes the outcome more favorable to your chances of success, gives you an “edge” over others.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 48419 . 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 48561 , Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 48850 Tgt 48963, 49108 and 49256 ( BANK Nifty Spot Levels)
Sell Below 48729 Tgt 48610, 48490 and 48351 (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.