FII Activity: Bullish Sentiment in Bank Nifty Index Futures
Foreign Institutional Investors (FIIs) exhibited a bullish stance in the Bank Nifty Index Futures market by buying 8,517 contracts worth ₹680 crores. This activity resulted in an increase of 4,478 contracts in the net open interest.
Bank Nifty Analysis: Key Levels and Potential Reversal Ahead of Gann Emblem Date
Bank Nifty opened with a gap up and closed above the 52,348-52,444 range, which is the confluence of Gann Monthly TC and SAP levels. For further upside, price needs to close above 52,712. Once this level is breached, the upside is open toward 53,297/53,882.
For Bears: They will have a chance below 52,348, with confirmation of a fall occurring only if the price breaks below 52,127.
4th December marks the 180th Gann Emblem Date from 4th June, as explained in the video below. This alignment could lead to a potential reversal, making it an important day for traders to watch.
Intraday Traders: You can capture the trend by monitoring the first 15 minutes’ high and low to determine the market direction for the day.
Conquering Fear in Trading: Overcoming Emotional Traps to Build a Successful Trading Career
Bank Nifty continued its rally on the upside, as anticipated, once it closed above the 52,348-52,444 range, which is the confluence of Gann Monthly TC and SAP levels. Today, after breaking above 52,712, the index rallied toward 53,297, as projected.
As we approach the RBI policy announcement, bulls need to hold the 52,762 level during any dips. If this level is defended, the rally could extend further toward the 53,882/54,444 range.
Key Reminder for Traders:
- Important Astro Dates: Several significant astrological dates coincide with 6th December, the day of the RBI policy announcement.
- Hedge Overnight Positions: To manage risks, avoid carrying overnight positions on 6th December without proper hedging.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 53359 for a move towards 53587/53816/54044.Bears will get active below 53130 for a move towards 52902/52673/52445.
Traders may watch out for potential intraday reversals at 09:39,10:39,11:19,12:38,01:26,02:19 How to Find and Trade Intraday Reversal Times
Bank Nifty December Futures Open Interest Volume stood at 22.8 lakh, with ADDITION of 0.52 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a addition of LONG positions today.
Bank Nifty Advance Decline Ratio at 11:01 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 @52434 Trend is Buy on Dips till above 52434
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 53500 strike, followed by the 53800 strike. On the put side, the 53000 strike has the highest OI, followed by the 52500 strike.This indicates that market participants anticipate Bank Nifty to stay within the 52500-53500 range.
The Bank Nifty options chain shows that the maximum pain point is at 53000 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 .
Don’t trade when you’re tired or emotional. (angry and upset) Trading is a complex activity, and it’s important to be mentally sharp when you’re trading. If you’re tired or emotional, it’s best to take a break from trading.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 52496. 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 52235, Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 53300 Tgt 53512, 53729 and 53900 ( BANK Nifty Spot Levels)
Sell Below 53190 Tgt 53036, 52864 and 52700 (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.