Finance Nifty has formed the third higher high and higher low on the daily chart, and the price has closed just at the level of the Outside Bar that was formed on August 3rd. For Bulls to maintain control, a close above 20,100 is crucial. Failure to achieve this could lead Bears to drive the price back down towards 19,900.
Gann’s emphasis on the number 3 is noteworthy, and if today’s high isn’t breached and considering the astrological observation mentioned in Bayer Rule 27, which indicates that significant tops and major bottoms can occur when Mercury’s speed in Geocentric longitude is at 59 minutes or 1 degree 58 minutes, there is a possibility of a decline in Finance Nifty if the closing price remains below 20,100.
Finance Nifty saw a dip today based on our yesterday analysis and fall stopped at 50 SMA, and we saw a decent recovery in 2 half of the session. TOmmrow we have RBI Policy and Finance Nifty will be completing 99 Days from 16 March Low so if Price is unable to close above 20100 we can see a revisit of 19900 Low. Todays rally was more of short covering. Mercury Trine Jupiter aspect formed today so above 20125 Bulls will have upper hand which is todays high and 20 DMA.
Finance Nifty Trade Plan Bulls will get active above 20080 for a move towards 20130/20183/20236. Bears will get active below 19970 for a move towards 19918/19864/19811. — 1 Target done on downside.
Traders may watch out for potential intraday reversals at 9:17,11:50,12:52,2:34 How to Find and Trade Intraday Reversal Times
Finance Nifty June Futures Open Interest Volume stood at 76760 with addition of 7360 contracts. Additionally, the increase in Cost of Carry implies that there was a addition of SHORT positions today.
Finance Nifty Advance Decline Ratio at 9:9, Finance Nifty Rollover Cost is @20638
Finance Nifty has been trading below 20 SMA 20254 and can move towards 50 SMA at 19904 — Todays low 19908 and saw a decent bounce.
Traders who follow the musical octave trading path may find valuable insights in predicting Bank Nifty’s movements. According to this path, Finance Nifty may follow a path of 20529-19953-19376 . This means that traders can take a position and potentially ride the move as Bank 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 is near 19953
According to the Finance Nifty options chain, the call side has the highest open interest (OI) at the 20100 strike, followed by the 20200 strike. On the put side, the 19900 strike has the highest OI, followed by the 19800 strike. This indicates that market participants anticipate Finance Nifty to stay within the 19900-20100 range.
The Finance Nifty options chain shows that the maximum pain point is at 20100 and the put-call ratio (PCR) is at 0.91. Typically, when the PCR open interest ranges between 0.90 and 1.05, the market tends to remain range-bound.
No amount of study or practice can make one successful in the handling of capital if one really is not cut out for it.
For Positional Traders, The Finance Nifty Futures’ Trend Change Level is At 20235 . 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 20076, Which Acts As An Intraday Trend Change Level.
Intraday Trading Levels for Finance Nifty
Buy Above 20050 Tgt 20096, 20144and 20215 (Fin Nifty Spot Levels)
Sell Below 20001 Tgt 19965, 19920 and 19863 (Fin Nifty Spot Levels)
Wishing you good health and trading success as always.As always, prioritize your health and trade with caution.
As always, it’s essential to closely monitor market movements and make informed decisions based on a well-thought-out trading plan and risk management strategy. Market conditions can change rapidly, and it’s crucial to be adaptable and cautious in your approach.