Bank nifty futures 24 July 2023 Live : Psychological Tussle at 46,000

15:30 PM: Bank nifty futures 24 July 2023 Live : narrow trading day

The Bank Nifty futures 24 july 2023 displayed a trading pattern characterized by an unusually narrow range throughout the day. As the afternoon session progressed, the range contracted even further, staying confined between 45,900 and 46,100. This kind of price movement presented a favorable scenario for option writers who benefited from the premium earned during the day.

bnf 24 july 2023 3.15pm

During the trading session, the zone between 45,800 and 45,900 acted as a significant channel support, which is a level typically respected by the market. Despite this support, the market continued to trade sideways, and the intraday point of control (POC) was observed near 46,050.

Expecting a potential bounce from the support level, traders were hopeful for an upward movement. However, the POC at 46050 acted as a resistance throughout the day, preventing a breakout above the sideways trend. The market did move as anticipated, but the momentum was slightly slower than expected.

In such situations, corrective waves tend to be time-consuming, testing traders’ patience. It’s crucial to wait for the market to show clearer signs of direction before making significant moves. As the trading session came to a close, it was apparent that a decisive trading move was yet to happen.

12:55PM: Bank nifty futures channel support to bounce

Banknifty future 24 july

Bank Nifty Futures have completed a wxy correction within the channel and are now finding support near the expected support zone of 45,800 to 45,900, in line with our earlier analysis. This support zone is proving to be significant, as the price action aligns with our expectations.

Regarding option data analysis for the day, it was observed that both bullish and bearish market participants were actively attempting to gain control over the psychological level of 46,000 in the Bank Nifty futures. This tug-of-war between the bulls and bears resulted in a tight and narrow trading range.

The battle for dominance over the psychological level led to a lack of strong directional movement in the market, causing the trading range to remain limited and tight.

12:40PM: Bank nifty futures 24 July 2023 Live : buy

During intraday trading, Bank Nifty Futures recorded a low near 45,863, it as a significant support zone. Based on wave analysis, there is an expectation of a potential bounce from this level. Traders may consider buying near 45,950 to 45,970 with a Stop Loss (SL) set at 45,850 to manage risk effectively. This trade setup aims to capitalize on the anticipated upward movement, taking advantage of the support level to potentially secure profitable gains. As always, prudent risk management practices are essential when executing any trade in the financial markets.

12:15PM: Bank nifty Option Data Analysis

At the psychological level of 46,000, there is significant interest from option writers, indicating a fierce battle between bulls and bears for market control.

10:55AM: Bank nifty Option Data Analysis

  • Today, Bank Nifty’s highest Open Interest (OI) is at the 46,000 level.
  • Put writers are actively creating a support zone for the day at this level.
  • In the morning session, call writers did not show aggressive interest.
  • Moderate OI is observed at the 46,200 and 46,500 levels by call writers.

10:35AM: Bank nifty futures 24 July 2023 Live : buy

Buy Entry Triggered in bank nifty future 46170 with SL of 45050

Bank nifty spot analysis and prediction for 24 july 2023

One can go through the article “Today bank nifty prediction and Elliott Wave Roadmap 24 july 2023 ” for understanding the Elliott Wave progression and anticipated  waves analysis

Risk Management:

Implementing effective risk management strategies is crucial in navigating the financial markets, especially during critical phases like Bank Nifty’s all-time high. Proper stop-loss orders, diversification, and disciplined trading can safeguard investments and improve long-term success.

Disclaimer:

The information in this article is for general informational purposes only and not financial advice. Trading involves risks, and past performance is not indicative of future results. Readers should conduct their research and seek professional advice before making financial decisions. Trade responsibly.

Happy Trading !

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