FII Activity: Bearish Sentiment in Bank Nifty Index Futures
Foreign Institutional Investors (FIIs) demonstrated a bearish stance in the Bank Nifty Index Futures market by shorting 2167 contracts worth ₹158 crores. This activity resulted in an increase of 3681 contracts in the net open interest.
Bank Nifty continued its decline, making a new low below the Mercury Ingress low of 49,390, but failed to close below this level. Historically, we have observed that when the price closes above an Astro date low, it often leads to a strong counter-trend rally.
Key Levels to Watch for Tomorrow’s Weekly Close:
- For Bulls: A close above the 49,729-49,800 range will be crucial to build momentum for a counter-trend rally.
- For Bears: A close below 49,389 will confirm continued bearish strength.
Traders should remain cautious and monitor these levels closely, as the weekly close will set the tone for the upcoming sessions.
The Mental Side: The Key to Success in Stock Market Trading
Bank Nifty continued its downfall, breaking the Mercury Ingress low of 49230 and closing below it. Adding to the pressure, the 2024 US Job Report surpassed expectations on hiring, raising uncertainty about the path of interest rates this year.
Additionally, with the North Node (Rahu) changing signs, a long-term trend change could be on the horizon. This astrological shift often signals significant market moves.
Key Levels to Watch for Monday:
- Support Zone: If Nifty holds the range of 48461-48500 during the first 15 minutes after a potential gap-down opening, there is a possibility of a reversal.
- For a Complete Reversal: The price must close above 49250 to confirm a change in the trend.
Traders’ Note:
Monitor the first 15 minutes closely, as holding the support zone could set the stage for a recovery. If support breaks, further downside is possible. Stay cautious and manage positions carefully.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 48905 for a move towards 49128/49351/49574.Bears will get active below 48459 for a move towards 48236/48012.
Traders may watch out for potential intraday reversals at 09:46,11:32,12:40,01:59,02:56 How to Find and Trade Intraday Reversal Times
Bank Nifty December Futures Open Interest Volume stood at 25.6 lakh, with addition of 1.4 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 01:11 and Bank Nifty Rollover Cost is @51689 closed above it.
Bank Nifty Gann Monthly Trade level :50312 closed below it.
Bank Nifty closed below 233 SMA @50143,Trend is Sell on Rise till close below 49500.
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 51408-49965-48521-47159. 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.– Price has closed below 49965 did 48521
According to the Bank Nifty options chain, the call side has the highest open interest (OI) at the 49000 strike, followed by the 49500 strike. On the put side, the 48500 strike has the highest OI, followed by the 48000 strike.This indicates that market participants anticipate Bank Nifty to stay within the 48000-49000 range.
The Bank Nifty options chain shows that the maximum pain point is at 48500 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 .
Traders do not fail in the trading system – they fail in implementing it, they fail in themselves!
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 50924. 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 49212, Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 48729 Tgt 48841, 48949 and 49200 ( BANK Nifty Spot Levels)
Sell Below 48410 Tgt 48225, 48097 and 47864 (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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