RBI Monetary Policy June 2024 : Bank Nifty Trade Plan for 07 June 2024

By | June 7, 2024 7:16 am

Foreign Institutional Investors (FIIs) exhibited a Bullish stance in the Bank Nifty Index Futures market by Buying 976 contracts with a total value of 740 crores. This activity led to adecrease of 24662 contracts in the Net Open Interest.

As Discuused in Last Analysis

Bank Nifty showed a sharep reversal and 50% of loss were recovered bak, Bank  Nifty is showing wild moves due to election newsflow and astro impact of Venus, With Weekly expiry the impact become multi flow. Traders need to trade with less position size with these wild swing Tommrow we hae NEW MOON so another round of voaltile move will be seen,  Tommrow also watch for 15 mins High and Low to plan the trade.

We have RBI Policy tommrow which should be an NON EVENT with Status Quo, But we are seeing Rise in Bond Yields so RBI Governor statement will be closely watched. Today we ha NEW MOON and tommrow we have Moon Declination, so it would lead to another volatile session tommrow. Bank Nifty has Formed a DOJI on Lunar Cycle date suggesting we can see trend reversal once we break 48900.

Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 49350 for a move towards 49570/49791/50012. Bears will get active below 49127 for a move towards 48906/48729/48555.

Traders may watch out for potential intraday reversals at 09:19,11:35,12:36,1:19,2:38  How to Find and Trade Intraday Reversal Times

Bank Nifty June Futures Open Interest Volume stood at 26.4 lakh, with liquidation of 2.1 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a closure of LONG positions today.

Bank Nifty Advance Decline Ratio at 07:04 and Bank  Nifty Rollover Cost is @49365 closed below it.

Bank Nifty Gann Monthly  Trade level :50889 closed below it.

Bank Nifty closed above 20 SMA @48443 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 50077-51567-53056. 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 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 49000 and the put-call ratio (PCR) is at 0.97 . 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 .

You can’t try to be a disciplined trader. You must be a disciplined person to be a disciplined trader. Trading is a reflection of your personal Life. A Trader cannot become a profitable trader until he becomes a more disciplined person.

For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 49215 . 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 49340, Which Acts As An Intraday Trend Change Level.

BANK Nifty Intraday Trading Levels

Buy Above 49323 Tgt 49512, 49729 and 49920 ( BANK Nifty Spot Levels)

Sell Below 48108 Tgt 48000, 47850 and 47610 (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 RBI Policy

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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