Foreign Institutional Investors (FIIs) exhibited a Bearish Stance in the Bank Nifty Index Futures market by SHorting 29903 contracts with a total value of 2347 crores. This activity led to a decrease of 7369 contracts in the Net Open Interest.
Bank Nifty made an Inside Bar Pattern and NR21 Pattern on Astro date suggesting we are ready for big move in next 2 trading sessions. Tommrow Venus Distance to Sun is Minimum so private banks should be on focus. Intraday traders can watch for first 15 mins High and Low to trade for the day.
Bank NIfty has closed below the low of last 3 trading session and we had an important Bayers rule today Bayer Rule 7: There are changes on market when Venus or Mars goes over its Aphelium Perihelium (Geocentric). and Venus Ingress tommrow,details discussed in below video. Inflation data of US and India will come so Friday we will see gap opening so hedge your positions.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 52443 for a move towards 52664/52895/53126/53357 . Bears will get active below 52202 for a move towards 51971/51740/51509.
Traders may watch out for potential intraday reversals at 09:45,10:34,11:07,01:23,02:21 How to Find and Trade Intraday Reversal Times
Bank Nifty July Futures Open Interest Volume stood at 23.4 lakh, with liquidation of 2.3 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 02:10 and Bank Nifty Rollover Cost is @52158 closed above it.
Bank Nifty Gann Monthly Trade level :52351 closed below it.
Bank Nifty closed above 20 SMA @51802 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 52000-53000 range.
The Bank Nifty options chain shows that the maximum pain point is at 52300 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 52581 . 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 52330 , Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 52300 Tgt 52424, 52610 and 52729 ( BANK Nifty Spot Levels)
Sell Below 52108 Tgt 51970, 51811 and 51666 (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.