Foreign Institutional Investors (FIIs) exhibited a Bullish Stance in the Bank Nifty Index Futures market by Shorting 1509 contracts with a total value of 114 crores. This activity led to a increase of 2809 contracts in the Net Open Interest.
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 is back to its 100 SMA and covered the whole outside bar formed on Friday on Venus Ingress day. Just as the Hyundai IPO was listed at 10 AM, the price made a top and saw a sharp decline. We also witnessed the impact of the Sun’s ingress into Scorpio, a water sign, which often signals bearishness.
Price is back to its 1×2 support zone, and near 51000 Outsie Bar low. Additionally, Mercury is at aphelion today, a position that has historically marked key turning points, as shown in the video below. The first 15 minutes’ high and low will provide guidance for the day’s trend.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 51342 for a move towards 51571/51800/52028.Bears will get active below 51114 for a move towards 50885/50657/50428
Traders may watch out for potential intraday reversals at 09:15,10:38,12:25,01:12,02:43 How to Find and Trade Intraday Reversal Times
Bank Nifty September Futures Open Interest Volume stood at 25.9 lakh, with addition of 0.84 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 @51250 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 51500 strike, followed by the 52000 strike. On the put side, the 51000 strike has the highest OI, followed by the 50800 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 51300 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 51936 . 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 51788 , Which Acts As An Intraday Trend Change Level.
BANK Nifty Expiry Range
Upper End of Expiry : 51643
Lower End of Expiry : 50870
BANK Nifty Intraday Trading Levels
Buy Above 51410 Tgt 51564, 51718 and 51949 ( BANK Nifty Spot Levels)
Sell Below 51201 Tgt 51018, 50872 and 50666 (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.