Foreign Institutional Investors (FIIs) exhibited a Bullish Stance in the Bank Nifty Index Futures market by Buying 3127 contracts with a total value of 237 crores. This activity led to a decrease of 6417 contracts in the Net Open Interest.
Bank Nifty has broken out above 50,923 and also surpassed the upper end of the Gann angle, indicating an upward price movement. Since today marks the weekly close, the Bulls need to secure a close above the 50,830-50,900 range to confirm a short-term bottom. On the other hand, the Bears will aim to close below the 50,777-50,729 range to set the stage for a trending move next week. This movement could be influenced by ‘Bayer Rule 2: The trend goes down within 3 days when the speed difference between Mars and Mercury is 59 minutes, leading to a big move.
Bank Nifty formed NR21 both on Thursday and Friday. On Monday, we will likely open with a gap up due to the Fed Pivot, but the key question is whether the gap will sustain. The 50997 level is crucial for bulls to cross in order to push toward 51333/51668. Additionally, Bayer Rule 2, which states that the trend goes down within three days when the speed difference between Mars and Mercury is 59 minutes, leading to a big move, will become active on Monday. Therefore, the first 15 minutes high and low will be critical in guiding the day’s trend.
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 — Waiting for 51145/51368
Traders may watch out for potential intraday reversals at 10:06,11:10,12:51,01:14,02:01 How to Find and Trade Intraday Reversal Times
Bank Nifty Aug Futures Open Interest Volume stood at 24.2 lakh, with liquidation of 2.1 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 02:10 and Bank Nifty Rollover Cost is @51740 closed above it.
Bank Nifty Gann Monthly Trade level :50923 closed above it.
Bank Nifty closed below 20 SMA @51273 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 51500 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 51000 and the put-call ratio (PCR) is at 0.82 . 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 .
Your Mental Toughness is going to be the key to whether you make it or break it as a trader. I know of two MAJOR things that you can do to develop your Mental Toughness for trading. The first is to keep a journal.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 50725. 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 51008, Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 51100 Tgt 51212, 51338 and 51497 ( BANK Nifty Spot Levels)
Sell Below 51000 Tgt 50900, 50766 and 50555 (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.