Foreign Institutional Investors (FIIs) exhibited a Bearish Stance in the Bank Nifty Index Futures market by Shorting 48322 contracts with a total value of 3704 crores. This activity led to a increase of 36312 contracts in the Net Open Interest.
Tomorrow we will have Mercury Ingress. Mercury, being the nearest planet to the Sun, impact Bank Nifty also Additionally, with the Moon being the nearest to Earth, we will see a significant impact on Bank Nifty. Price is forming lower low on daily chart after touching 3×4 gann angle and saw mometum after time cycle date, The Moon, being the planet of emotions, will cause volatile movements. We can expect an explosive move in Bank Nifty; watch for the first 15 minutes’ high and low to capture the trend for the day.
Mercury Ingress showed its impact with a gap-down opening, Bank Nifty has seen a break down on weekly chart and formed a DOJI on Daily with support coming at 50 DMA, Frend Short should be below 50555 only. Long above todays High og 51008.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 51033 for a move towards 51260/51488/51716 . Bears will get active below 50805 for a move towards 50577/50349/50121.
Traders may watch out for potential intraday reversals at 09:15,10:56,01:39,02:33 How to Find and Trade Intraday Reversal Times
Bank Nifty July Futures Open Interest Volume stood at 12 lakh, with liquidation of 1.2 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 04:08 and Bank Nifty Rollover Cost is @52158 closed below it.
Bank Nifty Gann Monthly Trade level :52351 closed below it.
Bank Nifty closed below 20 SMA @52350 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 51000 strike, followed by the 51500 strike. On the put side, the 50500 strike has the highest OI, followed by the 50000 strike.This indicates that market participants anticipate Bank Nifty to stay within the 50000-51000 range.
The Bank Nifty options chain shows that the maximum pain point is at 50900 and the put-call ratio (PCR) is at 0.77 . 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 52378 . 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 51098 , Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 50920 Tgt 51076, 51250 and 51400 ( BANK Nifty Spot Levels)
Sell Below 50777 Tgt 50630, 50400 and 50222 (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.