bank nifty futures live 17 July 2023

bank nifty futures live 17 July 2023

15.30PM : bank nifty futures live channel breakout

BankNifty future has signaled a notable breakout from the downward channel, commencing the 5th impulsive wave in an upward direction. During the 4th wave correction, the market retraced approximately 1000+ points from its peak at 45748, eventually finding support near the 200-day simple moving average (200SMA) at the low of 44675.

bnf 30 min 17 july 2023

15.00PM : BankNifty Options Open Interest and PCR Analysis

  • BankNifty open interest (OI) analysis suggests:
    • Put writers captured 45000-44800 level.
  • The current put-call ratio (PCR) is approximately 1.49 (over bought)
  • OI data suggest that market is now turned buy on dip but need to be cautious at higher level as PCR is overbought

14.05 PM : bank nifty futures live analysis suggest short near 45220 with SL 45320

ASTRO LEVEL

12.45 PM : bank nifty futures live analysis suggest short near 44860 with SL 44960

12:15PM : BankNifty’s Downward Channel and LH-LL Structure with 4th Wave Correction

  • bank nifty futures live price 44861
  • Downward channel observed in the market.
  • Formation of Lower High (LH) – Lower Low (LL) structure.
  • Currently below the point of control (POC) at 44910.
  • The 200-day simple moving average (SMA) is near 44805.
  • As long as the LH-LL structure remains intact, the 4th wave correction is still in progress.

bnf 17 july 2023

11:15AM : Expecting Promising Trading Opportunity Between 12 to 3 PM 

Expecting a potential market move between 12 to 3 pm, which holds the promise of presenting excellent trading opportunities. As prudent traders, we will wait patiently for the right moment to seize these prospects. In the dynamic world of trading, patience and wisdom are invaluable virtues that contribute to successful decision-making and navigating the markets effectively.

BankNifty Options Open Interest and PCR Analysis

  • BankNifty open interest (OI) analysis suggests:
    • Call writers have high OI at 45000 strike price important resistance level.
    • Call writers are getting aggressive at lower levels, namely 44900-44800 strikes.
    • Put writers are creating support around the 44500 strike price important support level.
  • The current put-call ratio (PCR) is approximately 0.83 (oversold)
  • The intraday point of control (POC) is near 44780, indicating significant trading activity at this level during the session.

Bank nifty Spot Price Forecast and EOD Analysis :

You may like to read “Today banknifty prediction : Unraveling BankNifty’s Corrective Wave”

Risk Management and Disclaimer:

When engaging in financial markets, it’s essential to recognize that no analysis can guarantee absolute accuracy. As such, effective risk management becomes paramount to safeguard your investments. Set appropriate stop-loss levels and adjust your position size according to your risk tolerance and trading strategy. Always maintain discipline and adhere unwaveringly to your predetermined trading plan.

Disclaimer:

The information provided in this analysis is intended solely for educational and informational purposes. It should not be construed as financial or investment advice. Trading in financial markets inherently involves risk, and past performance should not be relied upon as an indicator of future results. It is crucial to conduct your research and seek guidance from qualified professionals before making any investment decisions.

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Happy Trading.

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