FIIs Maintain Bullish Stance – April 16, 2024
Foreign Institutional Investors (FIIs) continued to reflect a bullish outlook in the index futures market, showing sustained buying interest even as they lightened their overall position size slightly.
Key Data Highlights:
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Contracts Bought: 3,036
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Notional Value: ₹478 crore
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Net Open Interest (OI): Decreased by 1,248 contracts
Interpretation:
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The drop in OI alongside net buying suggests that FIIs are covering existing short positions while adding fresh longs selectively.
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The sentiment remains positive, though the reduction in OI reflects cautious positioning — possibly ahead of macro events or in response to short-term overbought conditions.
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This combination of buying and mild OI contraction is often seen when the market is preparing for a consolidation or continuation move with limited risk exposure.
How to Use Gann Time Cycles to Predict Gold and Crude Oil Reversals
As Discussed in Last Analysis
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Astro Triggers + Gann Levels Align for Trend Move
Bank Nifty extended its rally on the back of positive global cues and key astrological shifts.
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Venus turned direct yesterday, easing market sentiment.
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Today, Mercury enters Aries, a fire sign, often associated with strong directional trends and increased market momentum.
Technical Highlights
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✅ Closed above March swing high of 52,063, indicating strength.
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✅ Today’s low was precisely at the 1×1 Gann angle, a major support level—showing price-time confluence.
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Gann Yearly Trend Change Level: 52,348 → Bulls need to sustain above this to unlock higher targets.
Key Levels to Watch
Bullish Scenario:
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Above 52,348 (Gann YTC Level)
→ Opens the path toward 53,729 – 54,000 in the near term.
Bearish Trigger:
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Below 51,900
→ Bears may regain control, with downside targets of 51,000 – 50,785 (Gann support zone).
Intraday Strategy
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Watch the first 15-minute high and low → Crucial to gauge trend strength and breakout zones.
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Expect volatility as astro and Gann influences align.
Bank Nifty delivered a strong rally, exactly as anticipated, and we were able to capture the move above the key Gann level of 52,348 — a perfect confluence of Gann geometry and astro time cycles. Once again, respecting the trend with the right levels proved to be the most effective strategy.
Current Market Snapshot
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Bank Nifty is up 4% for the week, showing solid momentum.
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Now just ~1,300 points away from its all-time high, bulls are eyeing a potential breakout before the April expiry.
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Today: Nifty Weekly Expiry + Weekly Close
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Tomorrow: Trading Holiday
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Weekend Astro Events: Mars and Sun Sign Change – often marks trend shifts or acceleration in momentum.
Key Level to Watch
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✅ Support Zone: 53,350 → As long as this level is held on a closing basis, bulls remain in control.
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Upside Target: All-Time High Zone around 54,650+ → Possible test before April expiry if current trend sustains.
Strategy Note
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Carry overnight positions with hedges, especially with the astro-sensitive weekend ahead.
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Be alert for gap openings or reversals on Monday due to planetary shifts.
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Intraday traders should continue to use first 15-minute range for capturing momentum post-holiday.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 53088 for a move towards 53550/54014 Bears will get active below 52628 for a move towards 52171/51715.
Traders may watch out for potential intraday reversals at 09:28,10:59,12:25,01:37,02:23 How to Find and Trade Intraday Reversal Times
Bank Nifty April Futures Open Interest Volume stood at 22.2 lakh, with liquidation of 0.30 lakh contracts. Additionally, the Increase in Cost of Carry implies that there was a closuere of LONG positions today.
Bank Nifty Advance Decline Ratio at 12:00 and Bank Nifty Rollover Cost is @52173 closed above it.
Bank Nifty Gann Monthly Trade level :52348 closed above it.
Bank Nifty closed above 200 SMA @51000,Trend is Buy on Dips till above 52350
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 50541-52044-53548. 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 53500 strike, followed by the 54000 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 52500-53500 range.
The Bank Nifty options chain shows that the maximum pain point is at 52000 and the put-call ratio (PCR) is at 1.13. 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 .
It’s not just putting in the hours that will make you successful; it’s the persistent intention to improve by examining your results, tweaking your approach, and making incremental progress.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 51241. 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 52831, Which Acts As An Intraday Trend Change Level.
Intraday Levels for Bank Nifty:
Buy Above 52450 Tgt 52610, 52850 and 53000 ( Bank Nifty Spot Levels)
Sell Below 52300 Tgt 52174, 52000 and 51729 (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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