Foreign Institutional Investors (FIIs) exhibited a Bullish Stance in the Bank Nifty Index Futures market by Buying 3517 contracts with a total value of 271 crores. This activity led to a increase of 1343 contracts in the Net Open Interest.
Bank Nifty formed an Outside Bar, and the aspect with the North Node had the expected impact as discussed yesterday. Today, as discussed in the video below, we will see the effects of the New Moon and Bayer Rule 27, which states that big tops and major bottoms occur when Mercury’s speed in geocentric longitude is 59 minutes or 1 degree 58 minutes. Tomorrow, we also have important Mars and Mercury astrological events, which could lead to market volatility, so trade carefully and consider hedging any overnight positions. A break below 51,200 is the first sign of trouble for the bulls, and bears will gain the upper hand only below 51,000.”
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 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 09:15,12:39,01:47,02:49 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 05:07 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 @51401 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 51000-51500 range.
The Bank Nifty options chain shows that the maximum pain point is at 51400 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 51480 . 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 51338 , Which Acts As An Intraday Trend Change Level.
BANK Nifty Expiry Range
Upper End of Expiry : 51576
Lower End of Expiry : 50859
BANK Nifty Intraday Trading Levels
Buy Above 51300 Tgt 51439, 51600 and 51816 ( BANK Nifty Spot Levels)
Sell Below 51162 Tgt 51031, 51800 and 51610 (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.