Nifty Weekly Expiry Analysis for March 23: Expert Insights and Strategies

By | March 23, 2023 9:01 am

Foreign Institutional Investors (FII) showed a Bearish approach in the Index Futures market by Selling 878 contracts worth 100 crores, resulting in a decrease of 2674 contracts in the Net Open Interest. FII’s covered 1776 long contracts and covered 898 short contracts, indicating a preference for short covering on exisiting positions. With a Net FII Long Short ratio of 0.08 ,lowest in last 6 years   FII used the market rise to exit long and exit short positions in Index Futures.

As Discussed in Last Analysis  

Astrology and Gann cycles are two different approaches to analyzing the stock market, but they are not mutually exclusive. In fact, there is a significant overlap between the two, and many traders use both approaches to make trading decisions. As we have discused below video as both astro and gann cycle combined we got the big move. Now we need a close above 1760-17190 for rally to continue further towards 17400-17424 range where 200 DMA lies. We have FOMC meet tonight so carry overnight positions with Hedge.

Yesterday, the Nifty formed an NR7 pattern, and today is the Pluto Ingress, which is occurring almost after 10 years. The price is forming higher highs until yesterday’s low of 17107, which is held, indicating an upward trend.

 

Swing traders can expect a potential move towards 17256, 17306, 17356 or 17406  if the market trades above 17207 . However, if the market falls below 17107 , bears may become more active, leading to a move towards 17058,17008,16958,16909.

 

 

Traders may watch out for potential intraday reversals at 9:15,10:52,11:47,1:39, 2:05, 2:52 How to Find and Trade Intraday Reversal Times

Nifty March Futures Open Interest Volume stood at 1.15 lakh, witnessing a addition of 7.4 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a closeure of short positions today.

Nifty options chain shows that the maximum pain point is at 17100 and the put-call ratio (PCR) is at 1.09. 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 16900-17200 levels in the near term

Nifty 50 Options Chain Analysis

The Nifty 50 options chain indicates that the highest open interest (OI) on the call side is at the 17,200 strike, followed by 17,300 strikes. On the put side, the highest OI is at the 17000 strike, followed by 16900  strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 16900-17200 levels.

According to Yesterday data, retailers have bought 513182 call option contracts and 434372 shorted Call option contracts were covered . Additionally, they bought 371779 put option contracts and added 330035 shorted put option contracts, indicating a Neutral outlook.

In contrast, foreign institutional investors (FIIs) sold 104146  call option contracts and 12900 shorted call option contracts were covered . On the put side, FIIs sold 28126 put option contracts and shorted 18505 7 put option contracts, suggesting they have turned to a BUllish bias.

In the cash segment, Foreign Institutional Investors (FII) sold 1454 crores, while Domestic Institutional Investors (DII) bought 1946 crores.

Traders who follow the musical octave trading path may find valuable insights in predicting Nifty’s movements. According to this path, Nifty may follow a path of 16825-17326-17826. This means that traders can take a position and potentially ride the move as 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. Low made was 16828 now heading towards 17326

 

“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 17404 . 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 17117 , Which Acts As An Intraday Trend Change Level.

Intraday Trading Levels

Buy Above 17157 Tgt 17190, 17225 and 17256 (Nifty Spot Levels)

Sell Below 17105 Tgt 17066, 17033 and 17000 (Nifty Spot Levels)

Upper End of Expiry : 17318

Lower End of Expiry : 17051

Wishing you good health and trading success as always.As always, prioritize your health and trade with caution.

Category: Nifty Weekly Expiry

About Bramesh

Bramesh Bhandari has been actively trading the Indian Stock Markets since over 15+ Years. His primary strategies are his interpretations and applications of Gann And Astro Methodologies developed over the past decade.

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