Foreign Institutional Investors (FIIs) exhibited a Bearish Stance in the Bank Nifty Index Futures market by Shorting 7340 contracts with a total value of 597 crores. This activity led to a increase of 6542 contracts in the Net Open Interest.
Bank Nifty continued its rally to the upside, rising for the 8th day in a row. Price is also approaching important Gann angle resistance in the 54800-54872 range, which could be a potential zone for profit booking.
Today, we have Venus Ingress into Scorpio, which falls under a Water Sign and is bearish in nature. Additionally, “RULE NO. 40 VENUS HELIOCENTRIC LATITUDE DIVIDED INTO PARTS 0*0’ 2*30’ 0*13’ 3*00’ 1*50’ 3*17’ 2*17’ 3*23’” will come into effect. Only a break below 53741 will signal a reversal.
Also, according to the Gann Rule: If a price rises for 9 consecutive days in a stretch, there is a high probability of a correction lasting for 5 consecutive days (Ratio 9:5) — this rule is expected to come into effect tomorrow.
Bank Nifty continued its rally to the upside, showing a red candel after 8 days of rise, and we have the monthly expiry tomorrow. Last month’s expiry was at 51143 , and today we are trading at 53968 — a rally of 2825 points in a single expiry.
Based on the Bayer’s Rule discussed in the video below, we can expect significant movement in the next two trading sessions. Trade cautiously with proper hedging. Strong Reversal only on close below 53729.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 54189 for a move towards 54419/54649/54880 .Bears will get active below 53958 for a move towards 53728/53498/53267
Traders may watch out for potential intraday reversals at 09:29,10:29,11:44,12:16,01:44,02:17 How to Find and Trade Intraday Reversal Times
Bank Nifty September Futures Open Interest Volume stood at 12.4 lakh, with liquidation of 2.3 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 02:10 and Bank Nifty Rollover Cost is @51260 closed above it.
Bank Nifty Gann Monthly Trade level :52751 closed above it.
Bank Nifty closed above its 50 SMA @51934 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 51724-53263-54801. 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 54300 strike, followed by the 54500 strike. On the put side, the 53500 strike has the highest OI, followed by the 53000 strike.This indicates that market participants anticipate Bank Nifty to stay within the 53500 -54500 range.
The Bank Nifty options chain shows that the maximum pain point is at 54000 and the put-call ratio (PCR) is at 1.15 . 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 .
During this phase of the rule-finding and the clean implementation of your Trading system you are faced with mental conflicts. That’s the hardest part of the Trading education to resolve “Mental Conflicts”.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 54037. 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 54094, Which Acts As An Intraday Trend Change Level.
Bank Nifty Expiry Range
Upper End of Expiry : 54413
Lower End of Expiry : 53522
Bank Nifty Intraday Trading Levels
Buy Above 54000 Tgt 54108, 54225 and 54413 ( Bank Nifty Spot Levels)
Sell Below 53900 Tgt 53777, 53610 and 53489 (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.