Finance Nifty has once again bounced from its 100-day moving average (DMA), and the price is approaching the time cycle date mentioned on the Gann angle chart for September 7th. As long as the price remains below the range of 19,871-19,900, the bears, especially with Jupiter in retrograde, have the upper hand. If the price closes below 19,700, this could lead to a sharp decline toward the 19,500 level.
Bulls, on the other hand, have an opportunity for a bullish scenario if the price manages to close above 19,900. However, within the range of 19,700-19,900, expect choppy and volatile market moves.
Finance Nifty Trade Plan for Positional Trade ,Bulls will get active above 19772 for a move towards 19842/19912/19981. Bears will get active below 19702 for a move towards 19633/19563/19493.
Traders may watch out for potential intraday reversals at 10:04,11:34,1:24,2:21 How to Find and Trade Intraday Reversal Times
Finance Nifty Sep Futures Open Interest Volume stood at 69480 with addition of 1240 contracts. Additionally, the increase in Cost of Carry implies that there was a addition of SHORT positions today.
Finance Nifty Advance Decline Ratio at 07:12, Finance Nifty Rollover Cost is @19856 closed above it
Finance Nifty back to its 100 DMA @ 19654 and bounced from it for 8th time in last 1 month.
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 has reacted from 19953
According to the Finance Nifty options chain, the call side has the highest open interest (OI) at the 19800 strike, followed by the 19900 strike. On the put side, the 19700 strike has the highest OI, followed by the 19600 strike. This indicates that market participants anticipate Finance Nifty to stay within the 19600-19900 range. Total Call OI is 56.78 and Total Put OI is 57.73
The Finance Nifty options chain shows that the maximum pain point is at 19800 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.
Trading requires discipline, humility, and a willingness to learn from others, and disrespecting the market would only result in the market not respecting him back.
For Positional Traders, The Finance Nifty Futures’ Trend Change Level is At 19848 . 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 19851 , Which Acts As An Intraday Trend Change Level.
Intraday Trading Levels for Finance Nifty
Buy Above 19777 Tgt 19800, 19828 and 19864 (Fin Nifty Spot Levels)
Sell Below 19729 Tgt 19700, 19666 and 19630 (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.