Foreign Institutional Investors (FIIs) exhibited a Bearish Stance in the Bank Nifty Index Futures market by Shorting 5312 contracts with a total value of 412 crores. This activity led to a increase of 10640 contracts in the Net Open Interest.
Bank Nifty formed an Outside Bar candle today, with the price still trading within the range of the large candle from November 5. Strong consolidation is ongoing in Bank Nifty, as the price has once again bounced from the 1×2 Gann angle. Today, we have inflation data expected to be on the higher side, around 5.80. Additionally, there are three important astro events today that could lead to intraday volatility. As long as bulls hold the 51617 level, the price could rally towards 52434.
Important Astro Events:
- Moon Conjunct North Node — The North Node, also known as Rahu, often brings volatility.
- Bayer Rule 14: “Venus movements in geocentric longitude using a unit of 1°9’13”.”
- Rule No. 38: Mercury Latitude Heliocentric — “Significant tops and bottoms are often produced when Mercury, in this motion, passes certain degrees.”
Intraday traders can watch the first 15 minutes’ high and low to capture the trend for the day.
Bank Nifty opened with a gap-up but was quickly sold into, as the price was unable to breach the high of the first 15 minutes. Once the Outside Bar low was broken, a waterfall decline followed. In the last 30 minutes, we witnessed a decline of over 200 points, likely due to insiders anticipating the hotter-than-expected inflation data, which came in at 6.21%.
We had anticipated heightened volatility due to Rahu’s aspect on the market. The decline was largely driven by HDFC Bank and SBIN. As explained in the video below, Rule No. 38: Mercury Latitude Heliocentric states that “Significant tops and bottoms are often produced when Mercury, in this motion, passes certain degrees,” indicating that today could be a potential turning point. The selling pressure in HDFC Bank and SBIN can be attributed to Foreign Institutional Investors (FII) offloading their core holdings, which they had initially bought as a hedge against weekly expiry.
Currently, the price has returned to its 1×2 Gann angle support level. A breakdown below this support for two consecutive days could open up further downside potential, possibly targeting the 49,656-49,800 range.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 51225 for a move towards 51483/51712.Bears will get active below 51027 for a move towards 50798/50570.
Traders may watch out for potential intraday reversals at 09:45,10:19,12:01,01:49,02:21 How to Find and Trade Intraday Reversal Times
Bank Nifty November Futures Open Interest Volume stood at 29.7 lakh, with addition of 3.7 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 02:10 and Bank Nifty Rollover Cost is @52026 closed below it.
Bank Nifty Gann Monthly Trade level :51617 closed above it.
Bank Nifty closed below its 100 SMA @51617 Trend is Sell on Rise till below 51300
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. 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 50500 strike.This indicates that market participants anticipate Bank Nifty to stay within the 50500-51500 range.
The Bank Nifty options chain shows that the maximum pain point is at 51500 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 .
To create money management, position size calculation or the elaboration of a profitable set of rules. All of these very useful tools are of little help if you are not able to use them in a disciplined manner
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 52024. 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 51709, Which Acts As An Intraday Trend Change Level.
Bank Nifty Expiry Range
Upper End of Expiry : 51416
Lower End of Expiry : 50637
BANK Nifty Intraday Trading Levels
Buy Above 51200 Tgt 51325, 51555 and 51729 ( BANK Nifty Spot Levels)
Sell Below 51027 Tgt 50900, 50777 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.