Foreign Institutional Investors (FIIs) exhibited a Bearish Stance in the Bank Nifty Index Futures market by Shorting 3824 contracts with a total value of 219 crores. This activity led to a decrease of 4014 contracts in the Net Open Interest.
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.
Bayer Rule 27:** Significant tops and major bottoms occur when Mercury’s speed in Geocentric longitude is 59 minutes or 1 degree 58 minutes. This influence will become evident once today’s high of 52427 or today’s low of 51874 is broken. A breakout on either side will lead to a move of 666-729 points within two trading sessions in Bank Nifty. Exit all options trades before the FM finishes the speech, as we will see a massive premium erosion if there are no negative or positive surprises in the budget. It has been observed that the interim budgets in 2014 and 2019 led to short-term trend changes, as shown in the video below.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 52433 for a move towards 52664/52895/53126 . Bears will get active below 52202 for a move towards 51971/51740/51509
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 17.9 lakh, with liquidation of 1.5 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 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 below 20 SMA @522380 Trend is Sell on Rise
Trader make Error because of expectation, Our Mind think because pattern has emerged its giving us an EDGE on that particular trade and we have no way of knowing it but over a series of trade it will show the effect.
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 52000 strike has the highest OI, followed by the 51500 strike.This indicates that market participants anticipate Bank Nifty to stay within the 51800-52800 range.
The Bank Nifty options chain shows that the maximum pain point is at 52300 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 .
Trader make Error because of expectation, Our Mind think because pattern has emerged its giving us an EDGE on that particular trade and we have no way of knowing it but over a series of trade it will show the effect.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 52521 . 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 52235, Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 52300 Tgt 52513, 52729 and 53000 ( BANK Nifty Spot Levels)
Sell Below 52150 Tgt 52040, 51868 and 51641 (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.