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 5,530 contracts worth ₹447 crores. This activity resulted in a decrease of 4,188 contracts in the net open interest.
We have been successfully riding the bullish rally since the price crossed the confluence of 52,348-52,444, which represents the Gann Monthly TC and SAP levels, along with the Gann and Astro time cycle confluence. From this point, the price has rallied a remarkable 1,000 points.
Astrological Events Driving Market Volatility Today
Today brings significant astrological alignments that could lead to heightened market activity:
- Mercury at Inferior Conjunction
- Mercury at Perihelion
- Sun Conjunct Mercury
- Mars Ingress
These events suggest the potential for another volatile session, especially with the RBI policy announcement scheduled for later in the day.
Why Stock Traders Abandon Their Trading Plans and How to Stay Disciplined
Bank Nifty formed a perfect Gravestone Doji, aligning with the confluence of Gann and Astro dates. The impact of Mars Retrograde was evident in the markets today, with Gold and Silver witnessing significant moves. With a Double Ingress also in effect, Bank Nifty is poised for a 729-888 point move in the coming 3-4 sessions.
The appointment of Sanjay Malhotra as the new RBI Governor is expected to have a positive impact on the banking sector, further adding to market dynamics.
Key Levels to Watch:
- For Bulls: A breakout above 53,555 could propel the index toward 53,882/54,467.
- For Bears: A break below 53,200 could trigger a fall toward 52,712.
Traders’ Note:
Stay alert and prepare for heightened volatility, as Bank Nifty approaches these critical levels. Manage positions carefully in this dynamic market environment.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 53540 for a move towards 53769/53999/54229.Bears will get active below 53310 for a move towards 53080/52850.
Traders may watch out for potential intraday reversals at 09:15,10:10,12:24,01:17,02:26 How to Find and Trade Intraday Reversal Times
Bank Nifty December Futures Open Interest Volume stood at 23.4 lakh, with addition of 0.33 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 03:09 and Bank Nifty Rollover Cost is @51689 closed above it.
Bank Nifty Gann Monthly Trade level :52769 closed above it.
Bank Nifty closed above 20/50/100/200 SMA @53049 Trend is Buy on Dips till above 52769.
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 53500 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 52875. 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 53651, Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 53455 Tgt 53555, 53679 and 53888 ( BANK Nifty Spot Levels)
Sell Below 53323 Tgt 53220, 53060 and 52900 (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.