FII Activity: Bullish Sentiment in Bank Nifty Index Futures
Foreign Institutional Investors (FIIs) demonstrated a bullish stance in the Bank Nifty Index Futures market by purchasing 5,090 contracts worth ₹295 crores. This activity resulted in a reduction of 5,152 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 continues to exhibit cautious movement, forming a small candle while trading below the crucial level of 50,706, which aligns with the 200 SMA. A close above this level is essential for bulls to neutralize the current short-term bearish sentiment.
Additionally, with Mercury entering Capricorn, an earth sign, the market might witness the onset of a new trend. This cosmic shift could bring structural changes, as suggested in the accompanying video analysis.
For intraday traders, the first 15 minutes’ high and low will serve as critical levels to watch, providing direction for the trading day.
Winning Mindset Strategies: Self-Dialogue for Smarter Trading
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 49974 for a move towards 49751/49555/49219
Traders may watch out for potential intraday reversals at 10:07,11:20,01:14,02:24 How to Find and Trade Intraday Reversal Times
Bank Nifty December Futures Open Interest Volume stood at 22.9 lakh, with liquidation of 1.4 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a covering of SHORT positions today.
Bank Nifty Advance Decline Ratio at 09:03 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 @50706,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 .
The Mental Side: The Key to Success in Stock Market Trading
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 51308. 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 50488 , Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 50225 Tgt 50343, 50444 and 50555 ( BANK Nifty Spot Levels)
Sell Below 50108 Tgt 50000, 49850 and 49729 (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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