Foreign Institutional Investors (FIIs) exhibited a Bearish Stance in the Bank Nifty Index Futures market by Shorting 762 contracts with a total value of 59 crores. This activity led to a decrease of 134 contracts in the Net Open Interest.
The Earth at 67.46 degrees astrological event, combined with Gann’s weekly and monthly close levels, led to a rally in Nifty. The index closed the week with a Doji candlestick, signaling indecision, while the monthly close was above last month’s pivot of 51617 , making it a positive close overall.
The upcoming week will be very crucial, as markets will react to key economic data and events:
- GDP Numbers
- Auto Sales Data
- RBI Policy Announcement
These factors will make it an eventful and potentially volatile week for traders.
Key Levels to Watch:
- Bulls need a close above the 52348-52444 range, which is a confluence of Gann Monthly TC and SAP levels, to extend the rally.
- Bears need a close below 51617 to regain control.
- Sideways Mode: If the price remains between these ranges, consolidation is likely to continue.
Important Note for Traders:
Even if GDP figures disappoint, bad data should not be used to initiate shorts, as markets are forward-looking. For example, despite the negative Adani news, markets bottomed out and rallied soon after.
Traders should focus on price action around these levels and prepare for significant moves driven by the events in the coming week.
Master the Art of Money Management: Key Secrets Every Trader Must Know
Bank Nifty underperformed Nifty today, forming a Doji with an Outside Bar pattern, suggesting buying at lower levels. However, bulls still need to break through the 52,348-52,444 range, which is a confluence of Gann Monthly TC and SAP levels, to extend the rally further.
Key Levels to Watch:
- December Month Open: The opening level for December is 52,087, and as long as bulls are able to defend this level, the rally can extend toward 52,444 on the upside.
- For Bears: Control will only shift to bears if the price closes below 51,617.
Astrological Insight – Bayer Rule 30:
Bayer Rule 30 states: “The trend changes when Venus in declination passes the extreme declination of the Sun.”
This astrological rule will become active tomorrow, making it a crucial day for traders to monitor potential trend reversals.
Trading Strategy for Tomorrow:
- First 15 Minutes’ High and Low: These levels will guide intraday direction and market tone.
- Swing Trades: As discussed in the video below, swing trades should only be initiated after 4th December, as the market may remain in a consolidation phase until then.
Stay cautious and trade with proper risk management, focusing on these key levels and insights.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 52214 for a move towards 52442/52669/52897.Bears will get active below 51987 for a move towards 51759/51555.
Traders may watch out for potential intraday reversals at 09:50,11:01,12:52,01:38,02:13 How to Find and Trade Intraday Reversal Times
Bank Nifty December Futures Open Interest Volume stood at 23 lakh, with addition of 0.82 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 06:06 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 51724
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 52734. 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 53229, Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 52175 Tgt 52313, 52444 and 52610 ( BANK Nifty Spot Levels)
Sell Below 52025 Tgt 51900, 51729 and 51555 (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.