Foreign Institutional Investors (FIIs) exhibited a Bullish Stance in the Bank Nifty Index Futures market by Buying 10322 contracts with a total value of 803 crores. This activity led to a decrease of 5934 contracts in the Net Open Interest.
Bank Nifty saw a decline and faced selling pressure at higher levels, but it failed to close below 51,047, which is the Jupiter Retrograde low. The price has bounced back to the Gann angle support again, as shown in the chart below, forming what appears to be a double bottom. On Monday, Mercury is changing houses, indicating we may see an explosive move within the next two trading sessions.
The bulls are holding the 100 SMA, but they have been unable to break the 50 SMA, creating a scenario where the price is sandwiched between two moving averages — a classic setup for an explosive move both in terms of price and time. The levels mentioned below can be used for swing trading.
Friday’s decline was largely driven by position adjustments due to the weekly expiry in Bank Nifty. However, HDFC and ICICI are expected to take the lead starting next week.
Bank Nifty has closed above 51707 (Jupiter Declination High) and 51524 (Gann Annual TC level). Inflation data came in significantly higher than expected, and HDFC Bank is showing signs of a good reversal. Tomorrow is likely to bring a tough battle between the bulls and bears. The bulls will aim to push above 51909 , while the bears will attempt to break 51683 . This 200-point range will be a key battleground.
Mercury Ingress and Sun Square Mars are two important astro events today. If the market moves above today’s high, we could see an impulsive move towards 52434 in Finance Nifty.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 51909 for a move towards 52135/52360/52586 .Bears will get active below 51683 for a move towards 51457/51231/51005
Traders may watch out for potential intraday reversals at 09:47,10:58,11:48,12:57,02:34 How to Find and Trade Intraday Reversal Times
Bank Nifty September Futures Open Interest Volume stood at 29 lakh, with liquidation of 2.2 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 @54325 closed below it.
Bank Nifty Gann Monthly Trade level :51524 closed below it.
Bank Nifty closed above its 100 SMA @50948 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 48819-50271-51724-53263-54801. 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 52000 strike, followed by the 52500 strike. On the put side, the 51500 strike has the highest OI, followed by the 51000 strike.This indicates that market participants anticipate Bank Nifty to stay within the 51500 -52500 range.
The Bank Nifty options chain shows that the maximum pain point is at 52000 and the put-call ratio (PCR) is at 0.92. 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 .
The first losses leave the deepest traces. Over time, however, you get used to it and the subsequent losses are no longer perceived with the same intensity, no matter how great they may be. The trader feels indifferent: “Oh, it doesn’t matter whether I lose the money or not!”
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 52737 . 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 51896 , Which Acts As An Intraday Trend Change Level.
Bank Nifty Intraday Trading Levels
Buy Above 51909 Tgt 52025, 52225 and 52400 ( Bank Nifty Spot Levels)
Sell Below 51800 Tgt 51666, 51450 and 51323 (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.