Foreign Institutional Investors (FIIs) exhibited a Bearish Stance in the Bank Nifty Index Futures market by SHorting 1520 contracts with a total value of 119 crores. This activity led to a decrease of 4208 contracts in the Net Open Interest.
Bank NIfty made a fresh life high and touched the gann angle, and high made was near 53408 suggesting a potential price time squaring which can lead to downmove once price starts trading below 52500.
Bank Nifty formed an DOJI Today with price reacting from gann angle resistance zone, Jupiter North Node and Mercury Trine North Node Aspects will bring lot of voaltlity in next 2 trading session.As JUpiter and Mercury are involved so BANK Nifty will have a major Impact. NOrth Node also Rahu is famous for its unpredicatable moves.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 52664 for a move towards 52895/53126/53357 . Bears will get active below 52202 for a move towards 51971/51740/51509.
Traders may watch out for potential intraday reversals at 09:59,11:28,12:42,02:17 How to Find and Trade Intraday Reversal Times
Bank Nifty July Futures Open Interest Volume stood at 25.8 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 06:06 and Bank Nifty Rollover Cost is @52158 closed above it.
Bank Nifty Gann Monthly Trade level :52351 closed above it.
Bank Nifty closed above 20 SMA @51555 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 51724-53263-54081. 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 52500 strike, followed by the 53000 strike. On the put side, the 52300 strike has the highest OI, followed by the 52000 strike.This indicates that market participants anticipate Bank Nifty to stay within the 52300-53000 range.
The Bank Nifty options chain shows that the maximum pain point is at 52500 and the put-call ratio (PCR) is at 0.92 . 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 52600 . 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 52567 , Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 52500 Tgt 52610, 52729 and 52925 ( BANK Nifty Spot Levels)
Sell Below 52343 Tgt 52211 , 52050 and 51800 (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.