Bank Nifty 22 Oct 2024 Trade Plan

By | October 22, 2024 8:44 am

Foreign Institutional Investors (FIIs) exhibited a Bullish Stance in the Bank Nifty Index Futures market by Buying 1829 contracts with a total value of 142 crores. This activity led to a increase of 5355 contracts in the Net Open Interest.

As Discuused in Last Analysis

Bank Nifty has shown its impact of Venus Ingress with price above 15 Mins High showed a big upmove. We also had “Bayer Rule 14: VENUS MOVEMENTS IN GEOCENTRIC LONGITUDE USING A UNIT OF 1*9’13”” and also gann 1 year cycle as explained below video, Bank Nifty has formed an OUTSIDE BAR Pattern which is a strong a reversal pattern, HDFC BANK came with a good set of Numbers,HDFC Bank to offload Rs 10,000 cr worth stake in Rs 12,500 cr IPO of HDB Financial Services which with good numbers can be extremly positive in short term. Bulls need to move above  above 52330-52434 in next 2 trading session for a positve move above 52865/53399.  Below 51796 bears can again get an upper hand.

Bank Nifty has closed above 51784 (Jupiter Declination High) and 51820 (Gann Annual TC level). Today, HDFC Bank saved Bank Nifty from a deeper cut, despite Kotak and other banks declining. Tomorrow, we have the Sun’s ingress into Scorpio, which falls under a water sign and typically signals bearishness.

PSU Banks should be kept on the radar. Below 51777, bears will gain the upper hand, while bulls will take control above 52200 above Venus Ingress High.

 

Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 52130 for a move towards 52355/52581/52807.Bears will get active below 51904 for a move towards 51678/51452/51226.

Traders may watch out for potential intraday reversals at 09:37,10:30,11:29,12:57,02:42   How to Find and Trade Intraday Reversal Times

Bank Nifty September Futures Open Interest Volume stood at 25.1 lakh, with liquidation of 0.51 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a addition of SHORT positions today.

Bank Nifty Advance Decline Ratio at 01:11 and Bank  Nifty Rollover Cost is @54325 closed below it.

Bank Nifty Gann Monthly  Trade level :51820 closed above it.

Bank Nifty closed above its 100 SMA @51219 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 0.86. 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 .

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 52542. 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 52236, Which Acts As An Intraday Trend Change Level.

BANK Nifty Intraday Trading Levels

Buy Above 52050 Tgt 52166, 52312 and 52444 ( BANK Nifty Spot Levels)

Sell Below 51898 Tgt 51729, 51575 and 51385 (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.

2 thoughts on “Bank Nifty 22 Oct 2024 Trade Plan

  1. Saurabh

    Buy Above 52050 Tgt 52166, 52312 and 50444 ( BANK Nifty Spot Levels)

    Sir… This should be 52444 .. but yes. We got it.
    Thanks

    Reply

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