FII Activity: Bullish Sentiment in Bank Nifty Index Futures
Foreign Institutional Investors (FIIs) maintained a bullish stance in the Bank Nifty Index Futures market, actively buying 2725 contracts worth ₹415 crores. This activity resulted in a net increase of 1429 contracts in open interest, indicating fresh long positions being built.
Bank Nifty reacted strongly to the Venus Ingress and Jupiter turning direct, triggering a breakout once the price closed above the 49785 . The Sensex expiry further accelerated momentum, pushing Bank Nifty higher.
Key Resistance & Support Levels
- Supply Zone: 50272–50300 → Bulls need to clear this level to drive Nifty towards 51000-51320.
- Support Zone: 50000→ If Bank Nifty breaks below this level, bears will regain control, potentially leading to further downside.
- Astro & Gann cycles continue to align, signaling increased volatility in the coming sessions
Bank Nifty formed a Doji at the Octave Point, signaling indecision. Adding to this, today marks 90 days from the September 27, 2024 top, creating a strong price-time confluence. With the RBI Monetary Policy announcement on February 7, the market is setting up for a big move in either direction.
Key Levels to Watch
Bullish Scenario:
- Bulls need to hold the 50,272–50,323 range on a closing basis for further upside.
- A sustained move above this zone can push Bank Nifty towards 50,666/50,800.
Bearish Scenario:
- If Bank Nifty breaks below 50,200, we could see a sharp decline towards 50,000/49,729.
Market Outlook & Trading Strategy
- The Doji formation and time cycle confluence suggest an impending high-volatility move.
- RBI policy decisions on February 7 could act as the catalyst for a breakout or breakdown.
- Traders should watch key levels carefully and be prepared for quick reversals.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 50372 for a move towards 50594/50817/51039.Bears will get active below 50149 for a move towards 49927/49704/49482.
Traders may watch out for potential intraday reversals at 09:23,10:54,12:45,01:34,02:25 How to Find and Trade Intraday Reversal Times
Bank Nifty December Futures Open Interest Volume stood at 26.2 lakh, with liquidation of .83 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 07:05 and Bank Nifty Rollover Cost is @51689 closed Below it.
Bank Nifty Gann Monthly Trade level :50312 closed above it.
Bank Nifty closed above 20 SMA @49018,Trend is Buy on Dips till above 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 above 49965
According to the Bank Nifty options chain, the call side has the highest open interest (OI) at the 50500 strike, followed by the 51000 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 49500-50500 range.
The Bank Nifty options chain shows that the maximum pain point is at 50000 and the put-call ratio (PCR) is at 1.05. 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 .
“I do not believe in gambling or reckless speculation, but am firmly convinced, after years of experience, that if traders will follow rules and trade on definite indications, that speculation can be made a profitable profession” W D Gann
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 49842. 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 50564, Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 50370 Tgt 50505, 50666 and 50811 ( BANK Nifty Spot Levels)
Sell Below 50190 Tgt 50053, 49891 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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