Foreign Institutional Investors (FIIs) exhibited a Bearish Stance in the Bank Nifty Index Futures market by Shorting 3459 contracts with a total value of 272 crores. This activity led to a increase of 245 contracts in the Net Open Interest.
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 formed an outside bar today, on important gann date as shown in below chart, with Infosys coming with good results Bank Nifty can come under pressure as price was unable to close above 52762 importnat gann level. Bullish above 52800 for a move towards 53500. Break of 52400 can lead to fall towards 52108/51900.
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 09:29,11:08,12:43,02:28 How to Find and Trade Intraday Reversal Times
Bank Nifty July Futures Open Interest Volume stood at 20.7 lakh, with liquidation of 0.14 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 06:06 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 @522380 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 52800 strike, followed by the 53000 strike. On the put side, the 52500 strike has the highest OI, followed by the 52300 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 52600 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 52548 . 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 52581, Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 52666 Tgt 52777, 52888 and 53000 ( BANK Nifty Spot Levels)
Sell Below 52555 Tgt 52424, 52265 and 52108 (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.