Foreign Institutional Investors (FIIs) exhibited a Bullish Stance in the Bank Nifty Index Futures market by Buying 4912 contracts with a total value of 376 crores. This activity led to a increase of 104 contracts in the Net Open Interest.
Jupiter, often considered the planet of expansion, optimism, and growth, is associated with bullish trends and broad economic growth.
When Jupiter reaches the peak of its declination, either north or south, some astrologers believe it could signal a period of excessive market euphoria or pessimism. This could lead to market tops or bottoms, especially when Jupiter’s influence clashes with other astrological aspects such as retrogrades or alignments with other planets.
Price is back to gann angle support zone so chances of pullback are high.
Intraday traders should watch the first 15 minutes’ high and low to capture the trend for the day.
Bank Nifty found support at the Gann angle, and the Jupiter cycle showed its impact as the price did not break the first 15 minutes low, leading to a volatile session. With crude down 5% overnight, this could be positive for Bank Nifty. Tomorrow, the RBI Policy begins during Jupiter’s retrograde, which could result in a surprise policy affecting Bank Nifty.
Intraday traders should watch the first 15 minutes’ high and low to capture the day’s trend. As long as 50,653 is held and the price remains above the 100 EMA, we could see sharp short covering towards 51,768/52,000.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 51139 for a move towards 51364/51589/51813/52038 .Bears will get active below 50915 for a move towards 50690/50406/50225.
Traders may watch out for potential intraday reversals at 10:11,10:56,11:58,12:44,02:28 How to Find and Trade Intraday Reversal Times
Bank Nifty September Futures Open Interest Volume stood at 29.4 lakh, with liquidation of 0.98 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a covering of SHORT positions today.
Bank Nifty Advance Decline Ratio at 11:01 and Bank Nifty Rollover Cost is @54325 closed below it.
Bank Nifty Gann Monthly Trade level :51204 closed below it.
Bank Nifty closed above its 100 SMA @50886 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 48819-50271-51724-53263-54801. 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 51000 strike, followed by the 51500 strike. On the put side, the 50500 strike has the highest OI, followed by the 50000 strike.This indicates that market participants anticipate Bank Nifty to stay within the 50500 -51500 range.
The Bank Nifty options chain shows that the maximum pain point is at 51000 and the put-call ratio (PCR) is at 0.86. 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 51655 . 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 51328, Which Acts As An Intraday Trend Change Level.
Upper End of Expiry : 51410
Lower End of Expiry : 50631
Bank Nifty Intraday Trading Levels
Buy Above 51108 Tgt 51225, 51410 and 51597 ( Bank Nifty Spot Levels)
Sell Below 50950 Tgt 50821, 50666 and 50444 (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.