Analysis of FIIs’ behavior in the Nifty Index Futures market shows a Bearish approach as they displayed a preference for SHORT positions. On a net basis, FIIs went SHORT 5141 contracts worth 503 crores, resulting in an increase of 1197 contracts in the Net Open Interest. Additionally, they sold 3488 long contracts and added 11465 short contracts, indicating a strategy of closing long positions and adding of short positions.
Nifty saw a dip today based on our yesterday analysis and fall stopped at 19470 which is 25% retracement of currnet move as shown below , and we saw a decent recovery in 2 half of the session. TOmmrow we have RBI Policy and price is back towards its octave point at 19644. Todays rally was more of short covering. Tommrow Mercury at Greatest Elong: 27.4°E and Mercury at Aphelion as Mercury has big impact on Nifty so first 15 mins High and Low will guide for the day.
Nifty price again got rejected from 20 SMA and back to 1×1 gann angle, Nifty 99 Bar coming on Monday also Mercury at Aphelion genereally lead to short term top or bottom as discussed in below video 19410-19385 strong support zone break of same can lead to fall towards 19180-19220 zone.
Nifty Bulls need to move above 19644 which is Octave point , Unable to do that fall can extend of 19557/19470/19383.
Traders may watch out for potential intraday reversals at 9:15,11:46,12:47,01:39,2:21 How to Find and Trade Intraday Reversal Times
Nifty July Futures Open Interest Volume stood at 1.09 lakh, witnessing a liquidation of 1.2 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a covering of LONG positions today.
Nifty Advance Decline Ratio at 33:16 and Nifty Rollover Cost is @19860 and Rollover is at 73.9 %.
Nifty has baack to its 20 SMA support at 19657 unable to cross it falling towards 19221
Nifty options chain shows that the maximum pain point is at 19400 and the put-call ratio (PCR) is at 0.92 . 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 19600 strike, followed by 19700 strikes. On the put side, the highest OI is at the 19500 strike, followed by 19400 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 19400-19600 levels.
In the cash segment, Foreign Institutional Investors (FII) bought 331 crores, while Domestic Institutional Investors (DII) bought 703 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 18890-19452-20014 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 heading back to 19452
To make One Good Trade you must prepare properly, work hard, and have patience
For Positional Traders, The Nifty Futures’ Trend Change Level is At 19665 . 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 19600, Which Acts As An Intraday Trend Change Level.
Intraday Trading Levels
Buy Above 19500 Tgt 19525, 19555 and 19610 (Nifty Spot Levels)
Sell Below 19450 Tgt 19410, 19375 and 19312 (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.