Foreign Institutional Investors (FIIs) exhibited a Bullish Stance in the Bank Nifty Index Futures market by Buying 1455 contracts with a total value of 113 crores. This activity led to a decrease of 155 contracts in the Net Open Interest.
The RBI Policy acted as a trigger for the bulls, sparking a rally. However, as is common on event days, the main move often comes the next day, likely due to the Bank Nifty expiry, during which many positions were adjusted, preventing the real move from materializing.
Now, bulls need to hold the 50903 range and push above the 51176 can lead to rally towards 51524 Gann Monthly TC level.
Keep an eye on Venus YOD Jupiter aspect, as it could lead to surprises on the upside for ICICI BANK and HDFC Bank.
Bank Nifty formed an Inside Bar Pattern today and rallied, closing above the Gann Monthly Trend Change level of 51,524. Bulls now need to break through the 51,729-51,790 range, which corresponds to Jupiter Retrograde High, for a quick rally towards 52,330.
TCS posted a standard set of numbers, while Infosys ADR is trading 2.5% down, which may lead to banking stocks being used to prop up the market and manage the index.
Additionally, we are approaching the end of Bank Nifty Weekly Expiry from 13th November, meaning that large funds holding bank stocks for the weekly expiry will likely start adjusting their positions.
Today, we saw a positive move in HDFC Bank in line with the Venus YOD Jupiter aspect.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 51580 for a move towards 51806/52031/52257 .Bears will get active below 51355 for a move towards 51129/50903.
Traders may watch out for potential intraday reversals at 10:03,11:14,12:57,01:46,02:30 How to Find and Trade Intraday Reversal Times
Bank Nifty September Futures Open Interest Volume stood at 30.8 lakh, with liquidation of 1.1 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a addition of LONG positions today.
Bank Nifty Advance Decline Ratio at 05:07 and Bank Nifty Rollover Cost is @54325 closed below it.
Bank Nifty Gann Monthly Trade level :51524 closed below it.
Bank Nifty closed above its 50 SMA @51492 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 51500 strike, followed by the 52000 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 51000 -52000 range.
The Bank Nifty options chain shows that the maximum pain point is at 51500 and the put-call ratio (PCR) is at 0.89. 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 52044. 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 51710 , Which Acts As An Intraday Trend Change Level.
Bank Nifty Intraday Trading Levels
Buy Above 51555 Tgt 51729, 51920 and 52108 ( Bank Nifty Spot Levels)
Sell Below 51471 Tgt 51353, 51165 and 51000 (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.