Foreign Institutional Investors (FIIs) exhibited a Bullish Stance in the Bank Nifty Index Futures market by Buying 3198 contracts with a total value of 248 crores. This activity led to a decrease of 2462 contracts in the Net Open Interest.
Bank Nifty had an silent monthly expiry again forming Inside Bar with NR21 pattern, indicating that we may experience a volatile ride in the next two trading sessions. Tomorrow marks the end of Mercury Retrograde and Venus is also changing houses, suggesting a highly significant astrological date and today was the important gann date. . The market has been rising on Weak Breadth in the last two sessions. As long as Bulls are holding above 51000, they will have the upper hand towards 51500-51668.
Bank Nifty continued its rally on the upside, but its underperformance compared to Nifty persisted, as Nifty has hit a fresh all-time high while Bank Nifty is still trading below its all-time high of 53357 , formed on July 4, 2024. We have two important astrological events: Venus Opposition North Node and a New Moon. The aspect with the North Node is likely to bring volatility to the market, so traders should use the high and low of the first 15 minutes to capture the trend for the day
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 51466 for a move towards 51679/51903/52128 Bears will get active below 51230 for a move towards 51006/50782/50557
Traders may watch out for potential intraday reversals at 09:17,11:49,02:07,02:50 How to Find and Trade Intraday Reversal Times
Bank Nifty September Futures Open Interest Volume stood at 23.2 lakh, with addition of 0.015 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a additon of LONG positions today.
Bank Nifty Advance Decline Ratio at 05:07 and Bank Nifty Rollover Cost is @51260 closed above it.
Bank Nifty Gann Monthly Trade level :50923 closed above it.
Bank Nifty closed below 20 SMA @51454 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 51500 strike, followed by the 51800 strike. On the put side, the 51000 strike has the highest OI, followed by the 50800 strike.This indicates that market participants anticipate Bank Nifty to stay within the 51300-51800 range.
The Bank Nifty options chain shows that the maximum pain point is at 51500 and the put-call ratio (PCR) is at 1.01. 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 .
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For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 51551. 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 51640, Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 51466 Tgt 51580, 51722 and 51864 ( BANK Nifty Spot Levels)
Sell Below 51400 Tgt 51297, 51154 and 51013 (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.