Foreign Institutional Investors (FIIs) displayed a Bullish approach in the Index Futures market by buying 12272 contracts worth 1113 crores, resulting in a increase of 8146 contracts in the Net Open Interest. FIIs bought 10170 long contracts and covered 2024 short contracts, indicating a preference for initiating new Long positions. With a Net FII Long Short ratio of 0.77, FIIs utilized the market rise to enter long positions and exit short positions in Index Futures.
As Discussed in Last Analysis Mercury Retrograde happened on 21 April and it generally leads to trend change, Monday we will react to Reliance Industries Levels are shared below.
Nifty once sustained above Previous day High and saw a move towards 17754 Price are approaching the 50% point of 17817 and 17826 which is muscial octave. Till Nifty is above 17612 its Buy on Dips market
For Swing Traders Break of 17686 can see a fall towards 17620/17553. Bulls will get active above 17752 for a move towards 17818/17885/17951
Traders may watch out for potential intraday reversals at 10:04,11:59,1:12 How to Find and Trade Intraday Reversal Times
Price is taking multiple support at 200 DMA Another day 200 SMA was held. Price has bounced from 200 DMA
Nifty April Futures Open Interest Volume stood at 0.91 lakh, witnessing a liquidation of 1.5 lakh contracts. Additionally, the decrease in Cost of Carry implies that there was a closure of short positions today.
Nifty options chain shows that the maximum pain point is at 17700 and the put-call ratio (PCR) is at 1. 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 Todays Data, Retailers Have sold 9746 Call Option Contracts And 133399 Call Option Contracts Were Shorted by them. Additionally, They Bought 1578793 Put Option Contracts And SHorted 1202373 Shorted Put Option Contracts, Indicating A BEARISH Outlook.
In Contrast, Foreign Institutional Investors (FIIs) Bought 7286 Call Option Contracts And 21123 Call Option Contracts Were Shorted by them. On The Put Side, FIIs Bought 124258 Put Option Contracts And Shorted 216216 Put Option Contracts, Suggesting They Have Turned To A BULLISH 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 17600 strike, followed by 17500 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 17600-17900 levels.
In the cash segment, Foreign Institutional Investors (FII) sold 412 crores, while Domestic Institutional Investors (DII) bought 1177 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.
The successful speculator bases NO moves on what supposedly will happen, but reacts instead to what does happen.
For Positional Traders, The Nifty Futures’ Trend Change Level is At 17626. 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 17692 , Which Acts As An Intraday Trend Change Level.