Foreign Institutional Investors (FII) showed a Bullish approach in the Index Futures market by Buying 3040 contracts worth 291 crores, resulting in an increase of 1178 contracts in the Net Open Interest. FIIs bought 2109 long contracts and covered 931 short contracts, indicating a preference for BUYING new positions. With a Net FII Long Short ratio of 0.22 , FIIs used the market rise to enter long and exit short positions in Index Futures
As Discussed in Last Analysis The price has closed above the 50% mark and 200-day moving average, suggesting that Nifty is in ‘buy on dips’ mode until it falls below 17,326. Tomorrow, there is an important Planneatry aspect to consider, as discussed in the above video. Traders should note the first 15 minutes’ high and low to catch the trend for tomorrow’s intraday trading.
Price continue to make higher high but facing resistance at 1×1 gann angle as shown in below chart which also turns out to be 62.5 % Gann Retracement. 11 APril is important gann and astro date so should be watched very closely.
Swing traders can expect a potential move towards 17641, 17707, 17773 if the market trades above 17576. However, if the market falls below 17490 , bears may become more active, leading to a move towards 17444,17378,17312
Traders may watch out for potential intraday reversals at 9:15,11:16,12:44,1:46,2:23 How to Find and Trade Intraday Reversal Times
Nifty has made a high of 17639 near 17644 62.5 % Gann Retracement, Price osicalltes bewtween 37.5-50-62.5 zone before making a breakout. On Monday we need a close above 17644 if not we can retrace back to 17480-17500 zone.
Nifty April Futures Open Interest Volume stood at 1.04 lakh, witnessing a liquidation of 0.48 lakh contracts. Additionally, the decrease in Cost of Carry implies that there was a closure of longs positions today.
Nifty options chain shows that the maximum pain point is at 17600 and the put-call ratio (PCR) is at 0.98 . 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 17300-17500 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 17,700 strike, followed by 17,800 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 17500-17700 levels.
In the cash segment, Foreign Institutional Investors (FII) bought 475 crores, while Domestic Institutional Investors (DII) sold 997 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 17826 till closing above 17326
Trading requires discipline, humility, and a willingness to learn from others, and disrespecting the market would only result in the market not respecting him back.
For Positional Traders, The Nifty Futures’ Trend Change Level is At 17434 . 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 17642, Which Acts As An Intraday Trend Change Level.