Foreign Institutional Investors (FII) showed a bullish approach in the Index Futures market by buying 16.5 K contracts worth 1446 crores, resulting in a decrease of 18 K contracts in the Net Open Interest. FII bought 619 long contracts and covered 15.8 K short contracts, indicating a preference for long positions. With a Net FII Long Short ratio of 0.35, FII used the market rise to enter long and exit short positions in Index Futures.
As Discussed in Last Analysis The combination of Gann Price Time Squaring with the Astro Venus Conjuct Jupiter Aspect proved to be a powerful force for the Bulls, leading to a significant rally in Nifty. Watch our discussion of this phenomenon in the below video.
Nifty continued with its Rally after seeing bout of profit booking at end of session but closed just above previous day high. Now as we have two Important Astro Date tommrow so first 15 mins High and Low will guide for the day. 17800-17820 is crucial range for Nifty.
Swing traders can expect a potential move towards 17823, 17889, or 17955 if the market trades above 17757. However, if the market falls below 17559 , bears may become more active, leading to a move towards 17493,17427.
Traders may watch out for potential intraday reversals at 10:01,11:44, 12:17, 1:05, and 2:44. How to Find and Trade Intraday Reversal Times
Nifty March Futures Open Interest Volume stood at 0.97 lakh, witnessing a liquidation of 1.05 lakh contracts. Additionally, the decrease in Cost of Carry implies that there was a closure of short positions today.
Nifty’s price is approaching the 50% point at 17695 , which may trigger a new trend in the market.
Nifty options chain shows that the maximum pain point is at 17700 and the put-call ratio (PCR) is at 0.97. Typically, when the PCR open interest ranges between 0.90 and 1.05, the market tends to remain range-bound. This suggests that Nifty may trade within a range of 17600-17900 levels in the near term
The Nifty Futures Rollover cost currently stands at 17844, and once this level was crossed, it triggered a significant rally
The price is once again approaching the crucial 30 SMA Level at 17837, and this level will be crucial on Wednesday.
Nifty 50 Options Chain Analysis
The Nifty 50 options chain indicates that the highest open interest (OI) on the call side is at the 17,800 strike, followed by 17,900 strikes. On the put side, the highest OI is at the 17500 strike, followed by 17400 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 17500-17800 levels.
In the cash segment, Foreign Institutional Investors (FII) bought 721 crores, while Domestic Institutional Investors (DII) bought 757 crores.
According to the musical octave trading path, Nifty may follow the path of 17804-17538-17274, so traders should take a position and ride the move.
“To be a successful trader, you have to be able to admit mistakes. People who are very bright don’t make very many mistakes. They don’t make very much money.” – William O’Neil
For Positional Traders, The Nifty Futures’ Trend Change Level is At 17563 . 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 17810, Which Acts As An Intraday Trend Change Level.