Foreign Institutional Investors (FIIs) exhibited a Neutral Stance in the Bank Nifty Index Futures market by Selling 1078 contracts with a total value of 86 crores. This activity led to a increase of 88 contracts in the Net Open Interest.
Bank Nifty reacted from 3×4 gann angle resistance zone, and price reacted from 53000. May Expiry was at 48682 and today we closed at 52870 so we rallied 4188 points in JUne expiry. Highest move in last 6 months, Tommrow Moon will be at Perigee and Moon Opposition Saturn which can add intraday voaltlity. Till 52300 is held BUlls will have upper hand.
Bank Nifty continue to face resistance at Gann Angle forms a perfect doji with price hitting a fresh all time high. Price mometeum has slowed down but till bulls are holding 52500 Trend is on Upside. Tommrow we will have Weekly/Monthly/Quaterly Closing so last 30 Mins will be crucial. Saturn Retrograde on Weekend and US will get PCE data so MOnday we will see a gap opening so hedge your overnight positions.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 52885 for a move towards 53112/53340. Bears will get active below 52657 for a move towards 53430/52202/51975/51747.
Traders may watch out for potential intraday reversals at 10:33,11:49,12:40,01:05,02:32 How to Find and Trade Intraday Reversal Times
Bank Nifty July Futures Open Interest Volume stood at 24.3 lakh, with addition of 1.3 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 04:08 and Bank Nifty Rollover Cost is @52158 closed above it.
Bank Nifty Gann Monthly Trade level :49476 closed above it.
Bank Nifty closed above 20 SMA @50411 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 53000 strike, followed by the 53500 strike. On the put side, the 52500 strike has the highest OI, followed by the 52000 strike.This indicates that market participants anticipate Bank Nifty to stay within the 52000-53000 range.
The Bank Nifty options chain shows that the maximum pain point is at 52800 and the put-call ratio (PCR) is at 1.05. 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 .
If a trader is confused about what he is doing, the probable win ratio is zero and he might as well give up trading.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 52866 . 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 52810 , Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 52900 Tgt 53000, 53114 and 53323 ( BANK Nifty Spot Levels)
Sell Below 52800 Tgt 52681, 52500 and 52343 (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.