Foreign Institutional Investors (FIIs) exhibited a Bearish Stance in the Bank Nifty Index Futures market by Shorting 1745 contracts with a total value of 137 crores. This activity led to a decrease of 3987 contracts in the Net Open Interest.
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 has foremd DOJI with Nr21 pattern in last trading session and price is holding 52108-52154 range which is Solar Degree level, Till Bulls are holding 52108 Trend stays up. Jupiter 72 Neptune Aspect today so Banking and Pharma shares should be kept on radar today.
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 09:32,10:09,12:22,02:28,02:58 How to Find and Trade Intraday Reversal Times
Bank Nifty July Futures Open Interest Volume stood at 20. lakh, with liquidation of 0.92 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a closure of SHORT positions today.
Bank Nifty Advance Decline Ratio at 05:07 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 52400 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 52551, Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 52444 Tgt 52555, 52729 and 52900 ( BANK Nifty Spot Levels)
Sell Below 52323 Tgt 52212, 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.