BANK Nifty 16 July 2024 Weekly Expiry Trade Plan

Foreign Institutional Investors (FIIs) exhibited a Bullish Stance in the Bank Nifty Index Futures market by Buying 3755 contracts with a total value of 296 crores. This activity led to a decrease of 1037 contracts in the Net Open Interest.

As Discuused in Last Analysis

Bank Nifty formed an DOJI and bounced from its 20 DMA  on Venus ingress day, which is an excellent trade setup for a big move. The price is below the 52568  Gann monthly TC level, Bears have upper hand.

Bank Nifty formed another DOJI on Mars Conjunct Uranus. Mars Uranus cycle — This cycle lasts about two years or 702.2 Earth days, during which Mars returns to the same position relative to Uranus. This cycle fascinating because it’s believed to be associated with changes in energy, innovation, and sudden shifts in the stock market. Tommrow we have expiry of both Finance Nifty and Bank Nifty and break of 52666 will be favourable for bulls and Breakdown of 52154 will be in Bears favour, IN Between aviod trading.

Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 52659 for a move towards 52886/53114/53341 . Bears will get active below 52431 for a move towards 52204/51976/51749.

Traders may watch out for potential intraday reversals at 09:38,10:29,12:43,01:59,02:41 How to Find and Trade Intraday Reversal Times

Bank Nifty July Futures Open Interest Volume stood at 21.7 lakh, with addition of 0.92 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 07:05 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 @52162  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 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 52546 . 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 52503 , Which Acts As An Intraday Trend Change Level.

BANK Nifty Expiry Range

Upper End of Expiry : 52844

Lower End of Expiry : 52065

 

BANK Nifty Intraday Trading Levels

Buy Above 52500 Tgt 52610, 52729 and 52864 ( BANK Nifty Spot Levels)

Sell Below 52400 Tgt 52275, 52108 and 51970 (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.