Bramesh
Foreign Institutional Investors (FIIs) exhibited a Bearish Stance in the Bank Nifty Index Futures market by Shorting 11860 contracts with a total value of 936 crores. This activity led to a decrease of 2552 contracts in the Net Open Interest.
Bank Nifty saw a significant short-covering rally today, and the price has returned to its 50% retracement level. The SAP and Gann Annual Trend Change (TC) level range of 52,434–52,500 is very crucial for Bank Nifty. A close above this range could lead to a substantial rally towards 53,000 or 53,333.
Additionally, we discussed the significance of Mercury and Mars changing houses astrologically, along with the Gann time cycle, with November 3, 2009 marking a major low. This indicates a confluence of Gann and astro cycles.
The price continues to face resistance at the SAP Gann TC level and the 50% retracement point in rnage of 52434-52500, forming a small candle as IT stocks took the lead today. The Federal Reserve’s November 2024 meeting results will be announced tomorrow night, which could result in a significant gap opening on Friday. Bulls need a close above 52,500 to maintain momentum, while bears will gain control below 52,166.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 52444 for a move towards 52669/52999.Bears will get active below 51993 for a move towards 51767/51542/51316.
Traders may watch out for potential intraday reversals at 09:37,10:44,12:18,1:40,02:47 How to Find and Trade Intraday Reversal Times
Bank Nifty November Futures Open Interest Volume stood at 25.3 lakh, with addition of 0.70 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a closure of SHORT positions today.
Bank Nifty Advance Decline Ratio at 08:04 and Bank Nifty Rollover Cost is @51830closed below it.
Bank Nifty Gann Monthly Trade level :51820 closed above it.
Bank Nifty closed above its 100 SMA @51496 Trend is Buy on Dips till above 51820
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 48819-50271-51724-53263-54801. 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 52000 strike, followed by the 52500 strike. On the put side, the 51500 strike has the highest OI, followed by the 5100 strike.This indicates that market participants anticipate Bank Nifty to stay within the 51500-52500 range.
The Bank Nifty options chain shows that the maximum pain point is at 52200 and the put-call ratio (PCR) is at 0.90 . 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 .
You can’t Trade successfully when your brain is not in the mental mechanisms trained for trading. Your brain needs appropriate thinking as well first learn new ways of trading.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 52052. 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 52619, Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 52323 Tgt 52444, 52669 and 52888 ( BANK Nifty Spot Levels)
Sell Below 51200 Tgt 51050, 51816 and 51666 (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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