Foreign Institutional Investors (FIIs) exhibited a Bearish Stance in the Bank Nifty Index Futures market by Shorting 14564 contracts with a total value of 1110 crores. This activity led to a increase of 3882 contracts in the Net Open Interest.
Bank Nifty moved above the 50,728 level and closed above it. As long as the bulls hold 50,728, they maintain the upper hand. However, the price was rejected from the upper level of the Gann angle, and bulls will attempt to close above it. If they fail to do so and the price closes below 50,728, it could revisit the 1×2 Gann angle on the downside. Today, with Moon Declination in play, we can expect a volatile move.
Bank Nifty reacted at the upper end of the Gann angle, as shown in the chart below, with the price closing below 50,728 and forming a DOJI—an indication of potential bearishness. The bearish signal is reinforced by the price closing below the Sun-Mercury conjunction day. Tomorrow, with the Sun moving into Virgo, PSU stocks should be kept on the radar for potential opportunities.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 50921 for a move towards 51145/51368 Bears will get active below 50698 for a move towards 50475/50252/50029
Traders may watch out for potential intraday reversals at 09:38,11:43,12:43,01:05,02:30 How to Find and Trade Intraday Reversal Times
Bank Nifty Aug Futures Open Interest Volume stood at 27.1 lakh, with liquidation of 0.5 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 06:06 and Bank Nifty Rollover Cost is @51740 closed above it.
Bank Nifty Gann Monthly Trade level :50923 closed below it.
Bank Nifty closed below 20/50 SMA @50826 Trend 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 48819-50271-51724-53263. 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 51000 strike, followed by the 51200 strike. On the put side, the 50500 strike has the highest OI, followed by the 50300 strike.This indicates that market participants anticipate Bank Nifty to stay within the 50500-51200 range.
The Bank Nifty options chain shows that the maximum pain point is at 50800 and the put-call ratio (PCR) is at 1 . 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 you have just experienced a significant loss in the market, you are going through emotional pain whether you know it or not. To be clear, a big loss is relative to the trader. For some perfectionist, a big loss could be losing 2% on a trade or for the riverboat gamblers; it could be a larger figure.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 50686 . 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 50667 , Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 50800 Tgt 50920, 51040 and 51170 ( BANK Nifty Spot Levels)
Sell Below 50712 Tgt 50610, 50460 and 50300 (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.