Foreign Institutional Investors (FIIs) exhibited a Bearish Stance in the Bank Nifty Index Futures market by Shorting 18739 contracts with a total value of 1444 crores. This activity led to a increase of 17809 contracts in the Net Open Interest.
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.
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 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 09:28,10:07,11:18,12:54,01:20,02:29 How to Find and Trade Intraday Reversal Times
Bank Nifty September Futures Open Interest Volume stood at 31.9 lakh, with addition of 2.3 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 04:08 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 100 SMA @50903 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 0.85. 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 .
To learn behaviour like this and to repeat it continuously without mistakes until your brain has internalized this new knowledge in such a way that it is constantly available and is available. Like brushing your teeth every day or climbing stairs. In the Psychology calls this ability “unconscious competence”.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 52100. 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 51580, Which Acts As An Intraday Trend Change Level.
Bank Nifty Intraday Trading Levels
Buy Above 51206 Tgt 51323, 51500 and 51666 ( Bank Nifty Spot Levels)
Sell Below 51100 Tgt 50980, 50729 and 50610 (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.