Bank Nifty Trade Plan for September 12, 2024

Foreign Institutional Investors (FIIs) exhibited a Bearish Stance in the Bank Nifty Index Futures market by Shorting 5778 contracts with a total value of 442 crores. This activity led to a decrease of 4334 contracts in the Net Open Interest.

Bank Nifty has bounced from the 4×3 gann angle as shown below and today evening we will get Inflation data and with crude trading at 3 years low its will have a positive impact. Bank Nifty is stuck in range of 51000-51500, break of any side can see 500+ move in single session.

Bank Nifty failed to close above 51366 range suggesting bears are gaining upper hand , tommrow Bank Nifty has broken 51000 on downside which is Mercury Ingres low, tommrow if price sustain below 50950 we can see a spike down of 323-444 points.

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 — Waiting for 50782/50557

Traders may watch out for potential intraday reversals at 10:20,11:52,01:06,02:07 How to Find and Trade Intraday Reversal Times

Bank Nifty September Futures Open Interest Volume stood at 23.4 lakh, with addition of 0.15 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 01:11 and Bank Nifty Rollover Cost is @51260 closed above it.

Bank Nifty Gann Monthly Trade level :51204 closed below it.

Bank Nifty closed below 50 SMA @51370 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 51300 strike, followed by the 51500 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 50500-51000 range.

The Bank Nifty options chain shows that the maximum pain point is at 51000 and the put-call ratio (PCR) is at 0.8 . 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 .

Profitable trader, must sit and process the data the market offers with an open mind. Too many traders color the data the market offers with their own biases.

For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 51463 . 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 51277 , Which Acts As An Intraday Trend Change Level.

BANK Nifty Intraday Trading Levels

Buy Above 51075 Tgt 51183, 51304 and 51598 ( BANK Nifty Spot Levels)

Sell Below 50940 Tgt 50831, 50666 and 50424 (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.