Foreign Institutional Investors (FIIs) exhibited a Bullish Stance in the Bank Nifty Index Futures market by Buying 3628 contracts with a total value of 282 crores. This activity led to a decrease of 7624 contracts in the Net Open Interest.
Bank Nifty saw a range of 1141 points, which is the highest seen on a non-event day; the budget day range was 1057 points. It’s an old saying that volatility is highest either at the top or bottom of the range. Bank Nifty formed a doji today, and we have an important Jupiter-Saturn aspect in Helio and Gann time cycle, both discussed in the video below. Price is also stuck in 2 gann angle as shown below ,The price again failed to close above its 20 SMA, suggesting weakness and selling on the higher side. Tomorrow, we have Moon-Mars conjunction, which can lead to significant volatility during the day. For intraday trade, the first 15 minutes’ high and low will guide the trend for the day.
Moon-Mars conjunction played its impact with huge volatlity with 500 points drop coming in bank nifty within 15 mins,Price continue to trade between 2 gann angles as shown in below chart, and price is also forming Inside Bar Pattern, and tommrow we have Monthly expiry of bank nifty and also monthly close of bank nifty, Its been 8 days price is closing below 20 DMA AND every rise is getting sold into suggesting weakness in bank nifty.
SUN Trine North Node Aspect tommrow as North Node aka Rahu is involved so another voaltile move will be seen.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 51561 for a move towards 51785/52010 . Bears will get active below 51336 for a move towards 51112/50887.
Traders may watch out for potential intraday reversals at 09:16,11:23,02:03,02:53 How to Find and Trade Intraday Reversal Times
Bank Nifty July Futures Open Interest Volume stood at 8.5 lakh, with liquidation of 1.3 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 08:04 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 @52168Trend is Sell on Rise
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 50271-51724-53263. 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 51700 strike, followed by the 52000 strike. On the put side, the 51000 strike has the highest OI, followed by the 50500 strike.This indicates that market participants anticipate Bank Nifty to stay within the 50500-51700 range.
The Bank Nifty options chain shows that the maximum pain point is at 51500 and the put-call ratio (PCR) is at 0.98 . 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 52222. 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 51613, Which Acts As An Intraday Trend Change Level.
BANK Nifty Expiry Range
Upper End of Expiry : 51846
Lower End of Expiry : 51151
BANK Nifty Intraday Trading Levels
Buy Above 51525 Tgt 51644, 51763 and 51888 ( BANK Nifty Spot Levels)
Sell Below 51350 Tgt 51225, 51108 and 51000 (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.