Foreign Institutional Investors (FIIs) displayed a Bearish approach in the Index Futures market by Shorting 7421 contracts worth 747 crores, resulting in a increase of 609 contracts in the Net Open Interest. FIIs sold 3406 long contracts and added 4015 short contracts, indicating a preference for initiating new Short positions. With a Net FII Long Short ratio of 0.57 , FIIs utilized the market fall to exit long positions and enter short positions in Index Futures.
As per Gann Price continues to move higher and today will be 9 days of rise. As per Gann Rules If a price is rising for 9 consecutive day’s at a stretch, then there is a high probability of a correction for 5 consecutive days. (Ratio is 9:5)
Today we saw a decent pullback,Today we have seen Open = High on Daily Time Frame. The Open High strategy is straightforward and easy to understand, making it suitable for both novice and experienced traders. It does not require complex technical indicators or extensive analysis, making it a convenient option for those who prefer a simple approach to trading.
If We see Open = High on Higher time frame its more powerful, Like Nifty Made Open = High on Dec Month and we saw a decent fall. Bank Nifty has almost rallied 1035 points from 20 March Low and we are approaching the 50% point at 17817 and Musical Octave point of 17826 from which Nifty has corrected last time also. With Multiple Astro Date involving Venus today as discussed in below video today High and Low are very crucial for the whole week. With Solar Eclipse approaching its time to be extra cautious as it generally have negative implication.
For Swing Traders Break of 17662 can see a fall towards 17596/17528/17462. Bulls will get active above 17777 for a move towards 17839/17905/17971.
Traders may watch out for potential intraday reversals at 9:20,9:51,11:06,12:23,1:53 How to Find and Trade Intraday Reversal Times
17817 is the 50% point, and 17826 is the musical octave point. It may be a good time to book profits in long positions and set a trailing stop loss at 17729. A fresh entry can be considered on a 15-minute close above 17850. For aggressive shorts, a stop loss can be placed at 17848 — Very Nice Pullback from 17817 towards 62.5 % point.
Nifty April Futures Open Interest Volume stood at 0.93 lakh, witnessing a liquidation of 1.23 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 17700 and the put-call ratio (PCR) is at 0.88. 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 17600-17800 levels in the near term.
According To Recent Data, Retailers Have bought 2064174 Call Option Contracts and Shorted 1867103 CALL Option Contracts. Additionally, They Bought 1290359 Put Option Contracts And 1227027 Shorted Put Option Contracts, Indicating A Neutral Outlook.
In Contrast, Foreign Institutional Investors (FIIs) bought 289481 Call Option Contracts And Shorted 272351 Call Option Contracts. On The Put Side, FIIs Bought 187968 Put Option Contracts And Shorted 176264 Put Option Contracts, Suggesting They Have Turned To A Bearish Bias.
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 17700 strike, followed by 17600 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 17700-17900 levels.
In the cash segment, Foreign Institutional Investors (FII) sold 533 crores, while Domestic Institutional Investors (DII) bought 269 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.
Trading discipline” comes from modifying one’s behaviour in a desired direction and overcoming the mental resistance and fear that generally get in the way.
For Positional Traders, The Nifty Futures’ Trend Change Level is At 17602. 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 17723, Which Acts As An Intraday Trend Change Level.