Bank Nifty Bounces from Gann Angle, Trade Plan for October 25, 2024

Foreign Institutional Investors (FIIs) exhibited a Bullish Stance in the Bank Nifty Index Futures market by Buying 17310 contracts with a total value of 1388 crores. This activity led to a decrease of 4938 contracts in the Net Open Interest.

As Discuused in Last Analysis

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 bounced from its Gann angle support zone, as shown in the chart below. The next two days are crucial based on Bayer’s astro date, as discussed in the video, and we could see a 500–729 point move in Bank Nifty over the next 2–3 trading sessions. With ICICI Bank’s results coming up over the weekend, being an index heavyweight, it adds further importance to the upcoming market movement.

Bayer Rule 31: The trend changes when Venus in declination reaches an extreme beyond 23 degrees, 26 minutes, and 51 seconds.

Bayer Rule 30: The trend changes when Venus in declination passes the extreme declination of the Sun.

Bayer Rule 9: Major market changes occur when Mercury passes over 19 degrees, 36 minutes of Scorpio and Sagittarius, and also over 24 degrees, 14 minutes of Capricorn

 

Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 51678 for a move towards 51904/52130/52355.Bears will get active below 51452 for a move towards 51226/51000/50729.

Traders may watch out for potential intraday reversals at 09:15,10:17,12:35,01:57,02:45  How to Find and Trade Intraday Reversal Times

Bank Nifty September Futures Open Interest Volume stood at 22.1  lakh, with liquidation of 2.1 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 10:02 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 @51300 Trend is Sell on Rise till below 51820

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 51500 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 51757 . 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 51615, Which Acts As An Intraday Trend Change Level.

BANK Nifty Intraday Trading Levels

Buy Above 51610 Tgt 51743, 51888 and 52000 ( BANK Nifty Spot Levels)

Sell Below 51500 Tgt 51228, 51108 and 50925 (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.