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 3835 contracts worth ₹426 crores. This activity resulted in a Increase of 4411 contracts in the net open interest.
Bank Nifty experienced its worst fall in the last 3 months, triggered by the HMPV Virus panic and, from an astrological perspective, the Mars Ingress, as discussed in the video below. As we’ve mentioned multiple times, when time aligns with price, we often witness explosive moves.
The price was initially at the Gann angle support zone of 1×1, but once this was broken in the morning, bears seized control, driving the price lower. Now, the price is likely heading toward the 3×4 Gann angle support zone near 50,000.
Key Levels to Watch:
- Any rise today, unless the price closes above the 50,272-50,300 zone, is likely to be used for shorting by market participants.
- Price also closed below its 200 DMA, with the last breakdown occurring on 23rd October 2023.
Traders should remain cautious as the market reacts to both technical and macro factors, and further downside could be in play if key levels are not defended.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 50122 for a move towards 50348/50574/50800.Bears will get active below 49896 for a move towards 49670/49444/49219
Traders may watch out for potential intraday reversals at 09:39,10:23,11:08,12:42,02:33 How to Find and Trade Intraday Reversal Times
Bank Nifty December Futures Open Interest Volume stood at 24.4 lakh, with addition of 0.64 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 :50841 closed above it.
Bank Nifty closed below 200 SMA @50688 ,Trend is Sell on Rise till close below 50500.
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 51408-49965-48521. 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 51500 strike, followed by the 51800 strike. On the put side, the 50000 strike has the highest OI, followed by the 49500 strike.This indicates that market participants anticipate Bank Nifty to stay within the 49500-51500 range.
The Bank Nifty options chain shows that the maximum pain point is at 50000 and the put-call ratio (PCR) is at 0.75. 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 .
“When you really believe that trading is simply a probability game, concepts like right or wrong or win or lose no longer have the same significance.” – Mark Douglas
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 51399 . 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 50549, Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 50077 Tgt 50233, 50388 and 50555 ( BANK Nifty Spot Levels)
Sell Below 49900 Tgt 49729, 49610 and 49444 (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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