Foreign Institutional Investors (FIIs) exhibited a Bearish stance in the Bank Nifty Index Futures market by Shorting 5574 contracts with a total value of 415 crores. This activity led to a decrease of 2370 contracts in the Net Open Interest.
Mars Ingress and Bayer Rule 31: The trend changes when Venus in declination reached an extreme beyond 23 degrees 26 minutes 51 seconds. happened today and Bank Nifty has formed a DOJI pattern, Till Bank Nifty Bulls are holding 49600-49630 Bulls have upper hand. Break of 49600 can lead to quick fall towards 49300/49000.
Bank Nifty had formed 2 DOJI in last 2 trading session, and unable to close above Mars Ingress High. US FOMC and CPI data will come tommrow and THursday we will see gap opening so carry EOD positions with Hedge. Tommrow we have Mercury Square Saturn Aspect which can lead to Voaltile move like today due to Saturn Imapct. Bears need to close below 49500 for a shap decline towards 49250/49000.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 49991 for a move towards 50216/50442/50667. Bears will get active below 49766 for a move towards 49541/49316/49091.
Traders may watch out for potential intraday reversals at 09:15,11:04,12:05,1:15,02:55 How to Find and Trade Intraday Reversal Times
Bank Nifty June Futures Open Interest Volume stood at 24.9 lakh, with addition of 0.17 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 06:06 and Bank Nifty Rollover Cost is @49365 closed below it.
Bank Nifty Gann Monthly Trade level :49476 closed above it.
Bank Nifty closed above 20 SMA @48774 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 50000 strike, followed by the 50500 strike. On the put side, the 49500 strike has the highest OI, followed by the 49000 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 50000 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 49388 . 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 49855, Which Acts As An Intraday Trend Change Level.
BANK Nifty Expiry Range
Upper End of Expiry : 50089
Lower End of Expiry : 49320
BANK Nifty Intraday Trading Levels
Buy Above 49750 Tgt 49864, 49999 and 50175 ( BANK Nifty Spot Levels)
Sell Below 49666 Tgt 49530, 49320 and 49108 (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.