Foreign Institutional Investors (FIIs) exhibited a Bearish Stance in the Bank Nifty Index Futures market by Shorting 21419 contracts with a total value of 1674 crores. This activity led to a decrease of 12359 contracts in the Net Open Interest.
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 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.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 51425 for a move towards 51653/5182/52111 . Bears will get active below 51196 for a move towards 50967/50738/50510.
Traders may watch out for potential intraday reversals at 09:33,01:48,02:20,02:57 How to Find and Trade Intraday Reversal Times
Bank Nifty July Futures Open Interest Volume stood at 9.8 lakh, with liquidation of 1.7 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 @52208 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 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 52246. 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 51745, Which Acts As An Intraday Trend Change Level.
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.