Foreign Institutional Investors (FIIs) exhibited a Bearish Stance in the Bank Nifty Index Futures market by Buying 2478 contracts with a total value of 187 crores. This activity led to a increase of 3636 contracts in the Net Open Interest.
Nifty rallied as expected, but the Gann level of 50875 proved to be a hurdle for the bulls. The high made was 50983 , after which we saw a significant decline in the last 30 minutes. Since yesterday was the final day of the weekly expiry, FIIs likely exited the remaining positions they had bought to manage the weekly expiry.
Tomorrow, we have two important events: Sun Ingress and Bayer Rule 15: Venus Heliocentric Latitude at Extreme and Least Speeds for Major Moves, the significance of which is discussed in the video below. These events could result in heightened volatility.
For intraday traders, the first 15 minutes’ high and low will be critical to capture the trend for the day. Bulls need to break above 50653 to trigger an explosive upmove toward 51000. PSU Bank and ICICI and HDFC should be kept on the radar for potential movement.
Bank Nifty saw a decline due to the Adani News, but the price managed to hold its 200 DMA. With the Sun entering Sagittarius, a bullish zodiac sign, the bulls may attempt a comeback today. Since today marks the weekly close, the bulls will aim to close within the 50666-50729 range.
The 25th is a critical astro date, so it is advisable to carry overnight positions with proper hedging. Keep an eye on HDFC AND ICICI Stock.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 50679 for a move towards 50902/51125/51349.Bears will get active below 50456 for a move towards 50233/50010/49787.
Traders may watch out for potential intraday reversals at 09:56,11:20,12:32,01:51,02:21 How to Find and Trade Intraday Reversal Times
Bank Nifty November Futures Open Interest Volume stood at 25.2 lakh, with liquidation of 1.5 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 04:06 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 @51288 Trend is Buy on Dips till above 49782 . 200 SMA @49782
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 50500-51500 range.
The Bank Nifty options chain shows that the maximum pain point is at 50500 and the put-call ratio (PCR) is at 0.72. 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 50513 . 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 50245, Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 50729 Tgt 50900, 51050 and 51225 ( BANK Nifty Spot Levels)
Sell Below 50656 Tgt 50512, 50385 and 50225 (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.