Foreign Institutional Investors (FIIs) exhibited a Bullish Stance in the Bank Nifty Index Futures market by Shorting 9674 contracts with a total value of 765 crores. This activity led to a increase of 5872 contracts in the Net Open Interest.
Tomorrow, the Mercury Retrograde impact, as discussed in the video below, is expected to bring heightened volatility to the markets.
Currently, Bank Nifty is trading near its SAP and Gann Annual TC confluence level of 52,348-52,434, which is a very crucial range for the next two trading sessions. Prices have already reacted thrice from this range. Will Bank Nifty bulls be lucky the fourth time to breach this range and rally toward 52,729/53,000/53,297?
On the downside, bears below 52,000 can drive a sharp decline toward 51,542.
Traders should closely monitor these levels to make well-informed trading decisions.
Bank Nifty was rejected for the fourth time from the SAP and Gann Annual TC confluence level of 52,348-52,434. The high made at the open was 52,555, but the price saw a quick decline. Despite this, Bank Nifty managed to hold and close above the previous day’s low, showing some resilience.
Tomorrow marks the Monthly Expiry, and the last expiry was at 51,807, while today’s close is at 52,191. This indicates that the price has only moved 400 points since the last expiry. As the price is closing above 51,807, the bulls have a slight edge heading into tomorrow.
With Mercury Retrograde beginning today, traders should carefully watch for:
- Long positions above 52,555, targeting a move of 500-729 points upward.
- Short positions below 52,000, which could trigger a decline of 500-729 points downward.
Traders should stay cautious and closely monitor these levels during tomorrow’s session.
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Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 52229 for a move towards 52456/52684/52911.Bears will get active below 52001 for a move towards 51774/51512/51225.
Traders may watch out for potential intraday reversals at 09:22,11:19,01:19,02:01 How to Find and Trade Intraday Reversal Times
Bank Nifty November Futures Open Interest Volume stood at 12.7 lakh, with liquidation of 4.1 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a Liquidation of LONG positions today.
Bank Nifty Advance Decline Ratio at 07:05 and Bank Nifty Rollover Cost is @52026 closed below it.
Bank Nifty Gann Monthly Trade level :51617 closed above it.
Bank Nifty closed above 20/50/100/200 SMA @51888 Trend is Buy on Dips till above 51635
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 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 52500 strike, followed by the 52800 strike. On the put side, the 52000 strike has the highest OI, followed by the 51180 strike.This indicates that market participants anticipate Bank Nifty to stay within the 51800-52500 range.
The Bank Nifty options chain shows that the maximum pain point is at 52200 and the put-call ratio (PCR) is at 0.96. 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 .
A professional trader isolates himself from the herd and has trained himself to become a predator rather than a victim. He understands and recognizes principles that drive the markets and refuses to be misled by good or bad news, tips, advice, brokers advice and well-meaning friends. When the market is being shaken-out on bad news he is in there buying. When the Herd is buying and the news is good he is looking to sell.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 51560. 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 52183, Which Acts As An Intraday Trend Change Level.
Bank Nifty Expiry Range
Upper End of Expiry : 52609
Lower End of Expiry : 51733
BANK Nifty Intraday Trading Levels
Buy Above 52250 Tgt 52424, 52610 and 52800 ( BANK Nifty Spot Levels)
Sell Below 52150 Tgt 52020, 51888 and 51733 (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.