FII Activity: Bearish Sentiment in Bank Nifty Index Futures
Foreign Institutional Investors (FIIs) exhibited a bearish stance in the Bank Nifty Index Futures market by shorting 6740 contracts worth ₹541 crores. This activity resulted in a INcrease of 44 contracts in the net open interest.
Bank Nifty had a quiet day, as expected. The price opened lower and traded in a narrow range throughout the day, as the market needed to undergo time correction following the volatile move on Friday.
With two important astrological dates today, the Doji formation on an astrological date is always helpful for capturing the next trade setup.
Key Levels to Watch:
- For Bulls: Price will gain momentum above 53,750.
- For Bears: A break below 53,333 could trigger a decline.
In between these levels, the price may continue its time correction.
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As soon as Bank Nifty broke 53333, which was the confluence of Gann and Astro levels, we witnessed a waterfall decline, and the intraday timing discussed in the video below worked perfectly. The price closed below the 4×3 Gann angle.
Now, the range of 52769-52578 is a crucial support zone. If this level holds, we can see a relief rally towards the 53250-53500 range. However, a break below 52348 could trigger a further decline toward 51877
Astrological Insights for Tomorrow:
We have two important astrological events tomorrow, so the first 15 minutes’ high and low will be crucial for setting the tone of the day:
- Moon Conjunct Mars
- Rule No. 38 – Mercury Latitude Heliocentric: “Some mighty fine tops and bottoms are produced when Mercury, in this motion, passes the above-mentioned degrees.”
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 53043 for a move towards 53275/53507.Bears will get active below 52811 for a move towards 52579/52348/52116
Traders may watch out for potential intraday reversals at 09:42,11:40,12:39,02:16,02:56 How to Find and Trade Intraday Reversal Times
Bank Nifty December Futures Open Interest Volume stood at 21.9 lakh, with addition of 15.5 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a addition of SHORT positions today.
Bank Nifty Advance Decline Ratio at 00:12 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 has changed to Sell on Rise till below 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 53000 strike, followed by the 53500 strike. On the put side, the 52500 strike has the highest OI, followed by the 52000 strike.This indicates that market participants anticipate Bank Nifty to stay within the 52000-53000 range.
The Bank Nifty options chain shows that the maximum pain point is at 53000 and the put-call ratio (PCR) is at 0.62. 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 you want to be a successful trader during a loss-making period, you need to learn the art of losing. If you condition your mind to lose without anxiety, without emotional attachment, and without the desire to get even, things will start turning around for you.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 53096. 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 53142, Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 53020 Tgt 53149, 53330 and 53555 ( BANK Nifty Spot Levels)
Sell Below 52700 Tgt 52555, 52250 and 52108 (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.
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