Foreign Institutional Investors (FIIs) displayed a Bullish approach in the Nifty Index Futures market by Buying 5925 contracts worth 546 crores, resulting in a increase of 14705 contracts in the Net Open Interest. FIIs bought 10801 long contracts and added 2359 short contracts, indicating a preference for adding new Buying positions .With a Net FII Long Short ratio of 1, FIIs utilized the market fall to enter Long positions and enter short positions in NIFTY Futures.
As Discussed in Last Analysis Price has shows a decent bounce from 1×2 Gann anle, Today being double ingress astro date today high and low will guide for the week. Trade Plan as shown below
Nifty has formed DOJI /NR7 Pattern on Daily time frame and Jupiter 18 Uranus Aspect is also forming today so we can see good voltality in the Nifty, JUpiter and Uranus both are Outer Plannet which bring trend changand Uranus has Impact on IT stocks.
The NR7 pattern is a technical analysis tool used to identify periods of low volatility in the market. It signifies that the trading range of a particular security, in this case, Nifty, has contracted to its narrowest level in the last seven days. When the NR7 pattern occurs, it suggests that a significant move in price is likely to happen soon. Traders can take advantage of this pattern by formulating a well-defined trade plan as shown below.
For Swing Traders Bulls need to move above 18420 for a move towards 18467/18515/18563/18610. Bears will get active below 18324 for a move towards 18276/18228/18180.
Traders may watch out for potential intraday reversals at 9:15,9:41,10:30,11:26,1:19,2:24 How to Find and Trade Intraday Reversal Times
Nifty May Futures Open Interest Volume stood at 0.85 lakh, witnessing a liquidation of 11 lakh contracts. Additionally, the decrease in Cost of Carry implies that there was a addition of SHORT positions today.
Nifty Advance Decline Ratio at 28:22 and Nifty Rollover Cost is @17885 and Rollover is at 58.7 %.
Nifty options chain shows that the maximum pain point is at 18300 and the put-call ratio (PCR) is at 1.03. Typically, when the PCR open interest ranges between 0.90 and 1.05, the market tends to remain range-bound.
Nifty 50 Options Chain Analysis
The Nifty 50 options chain indicates that the highest open interest (OI) on the call side is at the 18300 strike, followed by 18400 strikes. On the put side, the highest OI is at the 18200 strike, followed by 18100 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 18200-18400 levels.
In the cash segment, Foreign Institutional Investors (FII) bought 182 crores, while Domestic Institutional Investors (DII) bought 397 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 17744-18272-18800 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. Price has close above 18272
One of the main reason why technical analysis works is that human nature and emotions remain the same irrespective of era one is in. People were greedy and fearful even a hundred years back as much as they are now.
For Positional Traders, The Nifty Futures’ Trend Change Level is At 18248 . 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 18394 , Which Acts As An Intraday Trend Change Level.