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HomeBusinessBANK NIFTY July 10, 2024 - Weekly Expiry Analysis - Bramesh's Technical...

BANK NIFTY July 10, 2024 – Weekly Expiry Analysis – Bramesh’s Technical Analysis


Foreign Institutional Investors (FIIs) exhibited a Bearish Stance in the Bank Nifty Index Futures market by SHorting 2725 contracts with a total value of 215 crores. This activity led to a decrease of 3207 contracts in the Net Open Interest.

As Discuused in Last Analysis

Bank Nifty formed an DOJI Today with price reacting from gann angle resistance zone, Jupiter North Node and Mercury Trine North Node Aspects will bring lot of voaltlity in next 2 trading session.As JUpiter and Mercury are involved so BANK Nifty will have a major Impact. NOrth Node also Rahu is famous for its unpredicatable moves.

Bank Nifty made an Inside Bar Pattern and NR21 Pattern on Astro date suggesting we are ready for big move in next 2 trading sessions. Tommrow Venus Distance to Sun is Minimum so private banks should be on focus. Intraday traders can watch for first 15 mins High and Low to trade for the day.

Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 52664 for a move towards 52895/53126/53357 . Bears will get active below 52202 for a move towards 51971/51740/51509.

Traders may watch out for potential intraday reversals at 09:45,10:36,11:25,01:21,02:19  How to Find and Trade Intraday Reversal Times

Bank Nifty July Futures Open Interest Volume stood at 25.7 lakh, with liquidation of 0.8 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a closure of LONG positions today.

Bank Nifty Advance Decline Ratio at 05:07 and Bank  Nifty Rollover Cost is @52158 closed above it.

Bank Nifty Gann Monthly  Trade level :52351 closed above it.

Bank Nifty closed above 20 SMA @51687 Trend is Buy on Dips

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 51724-53263-54081. 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 52500 strike, followed by the 53000 strike. On the put side, the 52300 strike has the highest OI, followed by the 52000  strike.This indicates that market participants anticipate Bank Nifty to stay within the 52300-53000 range. 

The Bank Nifty options chain shows that the maximum pain point is at 52500 and the put-call ratio (PCR) is at 0.92 . 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 .

If a trader is confused about what he is doing, the probable win ratio is zero and he might as well give up trading.

For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 52603 . 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 52641 , Which Acts As An Intraday Trend Change Level.

BANK Nifty Expiry Range

Upper End of Expiry : 52960

Lower End of Expiry : 52175


BANK Nifty Intraday Trading Levels

Buy Above 52610 Tgt 52729, 52840  and 52960 ( BANK Nifty Spot Levels)

Sell Below 52460 Tgt 52343, 52212 and 52108  (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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