FII Activity: Mixed Sentiment in Bank Nifty Index Futures
Foreign Institutional Investors (FIIs) exhibited a bearish stance in the Bank Nifty Index Futures market by shorting 5971 contracts worth ₹479 crores. This activity resulted in an decrease of 5953 contracts in the net open interest.
Bank Nifty formed another Doji today and continues to trade within the outside bar range formed on 5th December. Yesterday, an NR21 pattern was also formed, indicating range contraction. This signals that we could soon see range expansion, as Bank Nifty is just 900 points away from its all-time high. The current range contraction appears to be used by market participants to absorb selling at higher levels.
Astrological Insight
Tomorrow, with Venus Opposition Mars, we could witness a volatile move, as Mars, known as the planet of energy, often drives sharp price movements in the markets.
Key Levels to Watch:
- For Bulls: A move above 53,500 is needed, with confirmation of a range breakout above 53,666.
- For Bears: A close below 53,300 will signal weakness, with further downside confirmation once the price closes below 53,160.
Traders’ Note:
Be prepared for increased volatility during expiry. Trade cautiously, as the astrological alignment could lead to sharp movements in either direction. Proper risk management is essential to navigate this volatile environment.
How to Recover from a Blown Trading Account: A Roadmap for Stock Traders
We witnessed a volatile move today due to Venus Opposition Mars, and Bank Nifty formed another Gravestone Doji, continuing to trade within the outside bar range established on 5th December. With Mercury turning direct this weekend, carrying overnight positions with a hedge is strongly advised.
Additionally, today is Friday the 13th, which is often considered inauspicious, so it’s crucial to trade cautiously.
Key Levels to Watch:
- For Bulls: A move above 53,500 is needed, with confirmation of a range breakout above 53,666.
- For Bears: A close below 53,300 will signal weakness, with further downside confirmation once the price closes below 53,160.
Traders’ Note:
Remain vigilant and manage risk effectively, especially in light of heightened volatility and potential market moves triggered by astrological and technical factors.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 53424 for a move towards 53656/53888.Bears will get active below 53191 for a move towards 52959/52727.
Traders may watch out for potential intraday reversals at 10:11,10:52,12:06,12:56,02:33 How to Find and Trade Intraday Reversal Times
Bank Nifty December Futures Open Interest Volume stood at 22.6 lakh, with liquidation of 1.08 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a covering 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 @53000 Trend is Buy on Dips till above 53000.
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 53049 . 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 53493, Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 53262 Tgt 53355, 53444 and 53555 ( BANK Nifty Spot Levels)
Sell Below 52150 Tgt 52040, 52946 and 52718 (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.
Good Morning Guru Ji !!! your helping a lot to us and your intraday timing are very perfect. Thank You
Stay Disciplined !!