Foreign Institutional Investors (FIIs) exhibited a Bullish Stance in the Bank Nifty Index Futures market by Buying 188 contracts with a total value of 17 crores. This activity led to a increase of 1132 contracts in the Net Open Interest.
Bank Nifty was rejected for the fifth time from the SAP and Gann Annual TC confluence level of 52,348-52,434. The high made today was 52,444, and close at 52301. Despite this, Bank Nifty managed to hold and close above the previous day’s low, showing some resilience.
With Mercury Retrograde and Inside Bar formed 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 faced rejection for the sixth time from the SAP and Gann Annual TC confluence level of 52,348-52,434. The high made today was 52,760, with the index closing at 51,902. Despite the rejection, Bank Nifty managed to hold its 100 SMA at 51,902.
Today, Bank Nifty formed an Outside Bar Pattern, signaling potential volatility ahead.
- For Bears: A close below 51,617 (Gann Monthly TTC level) would confirm a breakdown.
- For Bulls: A close above 52,019 is needed for a positive weekly close, while on a monthly basis, bulls require a close above 52,350 to regain control.
Additionally, tomorrow marks Earth at 67.46 degrees, which has historically led to a positive bias in the market.
Traders should monitor these critical levels closely as we head into the final sessions of the week.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 52071 for a move towards 52300/52530/52760.Bears will get active below 51841 for a move towards 51611/51382/51152.
Traders may watch out for potential intraday reversals at 10:46,11:49,01:10,02:07 How to Find and Trade Intraday Reversal Times
Bank Nifty December Futures Open Interest Volume stood at 18.7 lakh, with addition of 6.5 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 05:07 and Bank Nifty Rollover Cost is @51689 closed above it.
Bank Nifty Gann Monthly Trade level :51617 closed above it.
Bank Nifty closed above 20/50/100/200 SMA @51902 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 52000 strike, followed by the 52500 strike. On the put side, the 51500 strike has the highest OI, followed by the 51000 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 0.85 . 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 .
If your last trade has been a winning trade you have greater confidence on the set up, might increase your size – remember what a series of winner you increase your trade size more than previous trade and take a big loss
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 52706 . 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 52723 , Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 52050 Tgt 52150, 52270 and 52385 ( BANK Nifty Spot Levels)
Sell Below 51888 Tgt 51729, 51555 and 51333 (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.