Nifty Forms Perfect DOJI Before RBI Policy Outcome

By | June 7, 2023 8:38 am

Foreign Institutional Investors (FIIs) displayed a Bearish approach in the Nifty Index Futures market by SHorting 13516  contracts worth 919  crores, resulting in a decrease of 12616 contracts in the Net Open Interest. FIIs sold 13411  long contracts and covered 2954 short contracts, indicating a preference for covering LONG and SHORT positions .With a Net FII Long Short ratio of 0.85, FIIs utilized the market rise to exit Long positions and exit short positions in NIFTY Futures.


As Discussed in Last Analysis  Venus Ingress combined with Price Pattern can lead to big move. Nifty has formed an NR21 pattern.

Nifty continue to be in Buy on Dips mode, whole day remain down but showed a smart recovery by end of the day forming a perfect DOJI, Nifty is waiting for RBI policy to provide fresh trigger.  Mid and Small Caps are shhowing Decent move with many small caps hitting 20% UC, traction has shifted from Index to Small and Mid Cap Stocks.


Trade Plan as per Narrow Range 21 pattern and Venus Ingres  Bulls will get active above 18640 for a move towards 18697/18754 Bears will get active below 18580 for a move towards 18525/18468.




Traders may watch out for potential intraday reversals at 9:15,9:47,11:01,1:29 How to Find and Trade Intraday Reversal Times

Nifty June Futures Open Interest Volume stood at 87.7 lakh, witnessing a liquidation of 0.38 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a closure of LONG positions today.

Nifty Advance Decline Ratio at 28:22 and Nifty Rollover Cost is @18407 and Rollover is at 66.8%.

Major Support for Nifty us at 18393 @ 20 SMA

Nifty options chain shows that the maximum pain point is at 18600 and the put-call ratio (PCR) is at 1.1. 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 18600 strike, followed by 18700 strikes. On the put side, the highest OI is at the 18400 strike, followed by 18300  strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 18500-18700 levels.

In the cash segment, Foreign Institutional Investors (FII) bought 385 crores, while Domestic Institutional Investors (DII) sold 489 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


Don’t overtrade. It’s tempting to trade frequently, but this can lead to losses. It’s better to trade less and focus on making high-quality trades.

For Positional Traders, The Nifty Futures’ Trend Change Level is At 18607 . 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 18651 , Which Acts As An Intraday Trend Change Level.

Intraday Trading Levels

Buy Above 18625 Tgt 18650, 18675 and 18699 (Nifty Spot Levels)

Sell Below 18570  Tgt 18535, 18504 and 18465 (Nifty Spot Levels)

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

Category: Daily

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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