Foreign Institutional Investors (FIIs) exhibited a Bearish Stance in the Bank Nifty Index Futures market by Shorting 2010 contracts with a total value of 156 crores. This activity led to a decrease of 1738 contracts in the Net Open Interest.
Bank Nifty closed above 51,893, the Mercury Ingress High. The next two days are crucial as we have a confluence of Gann and astro cycles: 90 trading days (TD) from the 4th June low, 242 TD from the 26th October low, and the lunar cycle occurring on the 17th of October. Be ready for a big move in the next two trading sessions.
Bank Nifty continue to trade in small range as we have a confluence of time cycles—both Gann and astro— as discussed in the video below. The price has been stuck in the 52000–51700 range for the last 2 trading sessions. With the convergence of price and time, this range is likely to break within the next two days. A break below 51700 could lead to a fall towards 51424/51108, while holding above this level could trigger a rally towards 52400/52666 once the price clears 51900.
Intraday traders should focus on the first 15 minutes’ high and low to capture the trend for the day.
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 09:39,10:50,11:55,12:35,02:36 How to Find and Trade Intraday Reversal Times
Bank Nifty September Futures Open Interest Volume stood at 28.9 lakh, with liquidation of 0.01 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 :51820 closed below it.
Bank Nifty closed above its 100 SMA @51108 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 52656. 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 52097, Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 51920 Tgt 52052, 52198 and 52375 ( BANK Nifty Spot Levels)
Sell Below 51840 Tgt 51729, 51555 and 51404 (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.