Foreign Institutional Investors (FIIs) exhibited a Bullish Stance in the Bank Nifty Index Futures market by Buying 5963 contracts with a total value of 460 crores. This activity led to a increase of 525 contracts in the Net Open Interest.
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 was finally able to close above its 50 DMA . The indication came in the morning as the price was sustaining above 51366 , the Mercury Ingress high. The low made today was 51025, so bulls got an entry, leading to an explosive move. As discussed earlier, Mercury in its own house often leads to big moves. Now, bulls need to hold the 51500-51555 range for the upmove to continue towards 52000-52400. Bears only have a chance below 51450 . Today’s rise was backed by cash buying as Bank Nifty Futures traded at a discount, so bulls need to hold the 51500 range for the fresh upmove to continue. Sun Square Jupiter aspect so PSU Bank should also start participating now.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 51928 for a move towards 52154/52380/52606.Bears will get active below 51476 for a move towards 51250/51025.
Traders may watch out for potential intraday reversals at 10:16,11:37,12:59,02:09 How to Find and Trade Intraday Reversal Times
Bank Nifty September Futures Open Interest Volume stood at 21.8 lakh, with liquidation of 2.78 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a covering of LONG positions today.
Bank Nifty Advance Decline Ratio at 11:01 and Bank Nifty Rollover Cost is @51260 closed above it.
Bank Nifty Gann Monthly Trade level :51204 closed above it.
Bank Nifty closed above its 50 SMA @51362 Trend is Buy on Dips.
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 .
It is very difficult for the mind to just watch the market unfold. Our minds, egos, left hemispheres, must get into the act no matter now many times they have been proven to be painfully incapable of doing the job consistently.
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 51805 Tgt 51919, 52032 and 52145 ( BANK Nifty Spot Levels)
Sell Below 51692 Tgt 51579, 51466 and 51353 (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.