Foreign Institutional Investors (FIIs) exhibited a Bullish Stance in the Bank Nifty Index Futures market by Buying 11001 contracts with a total value of 866 crores. This activity led to a increase of 9633 contracts in the Net Open Interest.
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Bank Nifty formed an inside bar and saw a pullback after a 1,000-point rise yesterday. Bayer’s Rule worked again as the price did not breach the 15-minute high, and dropping below the low led to a decent pullback. The price remains above its Gann angle and Monday’s high. Bulls need a close above the 51,820–51,900 range to target the 52,320–52,450 range. Below 51,400, bears will gain the upper hand. Volatile moves are likely to continue within this range.
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Bank Nifty saw a significant short-covering rally today, and the price has returned to its 50% retracement level. The SAP and Gann Annual Trend Change (TC) level range of 52,434–52,500 is very crucial for Bank Nifty. A close above this range could lead to a substantial rally towards 53,000 or 53,333.
Additionally, we discussed the significance of Mercury and Mars changing houses astrologically, along with the Gann time cycle, with November 3, 2009 marking a major low. This indicates a confluence of Gann and astro cycles.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 52444 for a move towards 52669/52999.Bears will get active below 51993 for a move towards 51767/51542/51316.
Traders may watch out for potential intraday reversals at 09:44,10:54,12:20,1:39,02:51 How to Find and Trade Intraday Reversal Times
Bank Nifty November Futures Open Interest Volume stood at 24.6 lakh, with liquidation of 2.5 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 @51830closed below it.
Bank Nifty Gann Monthly Trade level :51820 closed above it.
Bank Nifty closed above its 100 SMA @51496 Trend is Buy on Dips till above 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 52000 strike, followed by the 52500 strike. On the put side, the 51500 strike has the highest OI, followed by the 5100 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 0.90 . 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 .
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For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 51914. 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 51938, Which Acts As An Intraday Trend Change Level.
Bank Nifty Expiry Range
Upper End of Expiry : 52647
Lower End of Expiry : 51766
BANK Nifty Intraday Trading Levels
Buy Above 52218 Tgt 52444, 52669 and 52888 ( BANK Nifty Spot Levels)
Sell Below 51993 Tgt 51767, 51542 and 51316 (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.