Foreign Institutional Investors (FIIs) exhibited a Bullish Stance in the Bank Nifty Index Futures market by Buying 25902 contracts with a total value of 1995 crores. This activity led to a increase of 998 contracts in the Net Open Interest.
Great numbers indeed, especially at a time when most banks are reporting higher provisions on a QoQ basis. ICICI Bank continues to trade at premium valuations compared to Kotak and HDFC Bank, and it’s clear why it commands that premium. For now, ICICI Bank seems to have no major areas of concern.
Bank Nifty saw a decline due to Indusbank results but still failed to hold 07 Oct 2024 Low In the last 30 minutes, we saw notable short covering. Till price is holding 50653 on closing basis buylls can attamept a rally back to 51300.
The recent news regarding Israel could be interpreted positively for global financial markets:
- Israel has refrained from any large-scale attacks on civilians, nuclear sites, or oil fields, and there are no signs of sustained military action.
- This action mirrors past symbolic gestures, similar to Iran’s previous moves towards Israel.
- The probability of an Iranian retaliation appears very low.
- Financial markets are driven by probability assessments, and the likelihood of further escalation seems minimal, which could benefit global markets.
- The U.S. has confirmed that all direct confrontations between Iran and Israel are now resolved.
Today, October 27, marks 16 years since the historic low of October 27, 2008. With ICICI Bank reporting strong numbers, the month nearing its close, and Foreign Institutional Investors (FIIs) actively buying both in index and stock futures, a short-term relief rally could be on the horizon. Equity buying or selling typically follows the FnO cycle. FIIs first take long positions in FnO, then start buying equities to induce a rally, followed by gradually liquidating their FnO longs.
Bank Nifty saw a reversal in line with Bayer Rule 9, which indicates that significant market changes occur when Mercury passes over 19 degrees 36 minutes of Scorpio and Sagittarius, as well as 24 degrees 14 minutes of Capricorn and Gann cycle date, as discussed in the video below.
Today, bulls need to close above the 51500–51550 range and maintain support at 51000 during intraday volatility. For confirmation of a short-term bottom, the price needs to Hold above the 1×2 Gann line. With today’s Moon Declination, the first 15 minutes’ high and low should guide the day’s trend.
Following my theory, equity buying or selling typically aligns with the FnO cycle. FIIs often first take long positions in FnO, then start buying equities to drive a rally, eventually unwinding their FnO longs. FIIs have recently started buying in both stock and index futures, suggesting that cash market selling could ease soon.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 51314 for a move towards 51538/51762/51986.Bears will get active below 51090 for a move towards 50866/50642/50418.
Traders may watch out for potential intraday reversals at 10:06,11:31,1:24,02:50 How to Find and Trade Intraday Reversal Times
Bank Nifty September Futures Open Interest Volume stood at 20.4 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 08:04 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 @51511 Trend is Sell on Rise till below 51511
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 51300 strike, followed by the 51500 strike. On the put side, the 51000 strike has the highest OI, followed by the 50500 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 0.76. 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 .
Trading needs Concentration and preparation. If you do it spontaneously, you will likely to be unsuccessful.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 51396 . 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 51373, Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 51300 Tgt 51415, 51561 and 51838 ( BANK Nifty Spot Levels)
Sell Below 51200 Tgt 51078, 50920 and 50729 (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.