Foreign Institutional Investors (FIIs) exhibited a Bullish Stance in the Bank Nifty Index Futures market by Buying 4211 contracts with a total value of 322 crores. This activity led to a increase of 1055 contracts in the Net Open Interest.
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 continue to make lower lows and for 2 day in row closed below its 100 SMA, Price is back to its gann angle support and near important support zone of 51000. Bayer Rule 31: The trend changes when Venus in declination reached an extreme beyond 23 degrees 26 minutes 51 seconds.will come into effect tommrow. The first 15 minutes’ high and low will provide guidance for the day’s trend. Whole week is astro heavy and we are seeing good volatlity in the Nifty due to the same.
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 09:15,10:22,11:37,12:25,01:14,02:44 How to Find and Trade Intraday Reversal Times
Bank Nifty September Futures Open Interest Volume stood at 24.2 lakh, with liquidation of 1.6 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a closure of SHORT positions today.
Bank Nifty Advance Decline Ratio at 6:6 and Bank Nifty Rollover Cost is @54325 closed below it.
Bank Nifty Gann Monthly Trade level :51820 closed above it.
Bank Nifty closed below its 100 SMA @51487 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 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 51794. 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 51389, Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 51333 Tgt 51491, 51612 and 51800 ( BANK Nifty Spot Levels)
Sell Below 51100 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.