Foreign Institutional Investors (FIIs) exhibited a Bearish Stance in the Bank Nifty Index Futures market by Buying 8991 contracts with a total value of 679 crores. This activity led to a increase of 3095 contracts in the Net Open Interest.
Bank Nifty experienced a waterfall decline today showing the impact of astro date as discussed in below vidro, with the price breaking below 07 October Low of 50194. The price is back to its gann angle support of 1×1.
Tomorrow, we have the weekly close (as Friday is a trading holiday), Bulls will like to get support in range of 49676-49700 range . The second half of tomorrow’s session is crucial, as it could lead to short covering if the price holds above 50194.
Bank Nifty has formed two consecutive inside bar patterns, with the price hovering near its 200 DMA. For bulls, reclaiming the 50,194 level (November 7 low) is crucial to signal the end of the ongoing downtrend.
Tomorrow brings significant astrological events, including Mercury Declination and Mercury Opposition Jupiter. Historically, these events have been associated with trend changes, as discussed in the video below. They are likely to introduce heightened volatility and directional moves in the market.
Intraday traders should focus on the first 15 minutes’ high and low to capture tomorrow’s trend.
Additionally, with Wednesday being a trading holiday, traders are advised to manage their risk carefully and take overnight positions with proper hedging strategies.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 50351 for a move towards 50574/50798/51021.Bears will get active below 50127 for a move towards 49904/49729
Traders may watch out for potential intraday reversals at 10:11,11:44,12:15,01:53 How to Find and Trade Intraday Reversal Times
Bank Nifty November Futures Open Interest Volume stood at 28.3 lakh, with liquidation of 0.34 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a covering of SHORT positions today.
Bank Nifty Advance Decline Ratio at 08:04 and Bank Nifty Rollover Cost is @52026 closed below it.
Bank Nifty Gann Monthly Trade level :51617 closed below it.
Bank Nifty closed below its 100 SMA @51440 Trend is Sell on Rise till below 50500. 200 SMA @49728
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 51408-49965-48521. 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 50500 strike, followed by the 51000 strike. On the put side, the 50000 strike has the highest OI, followed by the 49500 strike.This indicates that market participants anticipate Bank Nifty to stay within the 49500-50500 range.
The Bank Nifty options chain shows that the maximum pain point is at 50000 and the put-call ratio (PCR) is at 0.62. 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 50816 . 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 50377 , Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 50400 Tgt 50555, 50729 and 50888 ( BANK Nifty Spot Levels)
Sell Below 50250 Tgt 50108, 49950 and 49777 (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.