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 4455 contracts worth 433 crores, resulting in an increase of 6297 contracts in the Net Open Interest.
Mars Opposition North Node genreally create short term top and bottom as discussed in below video,”RULE NO. 38 MERCURY LATITUDE HELIOCENTRIC Some mighty fine tops and bottoms are produced when Mercury in this motion passes the above mentioned degrees” Nifty has closed below 3x 4 angle should be heading towards 1×2 angle till we do not close above 19610-19636 range. We have Mercury Ingress tommrow so first 15 mins High and Low will guide for the day for intraday traders.
RBI Policy today, Last Policy with increase of ICRR lead to big fall in intraday in Nifty, Till BUlls are holding 19575-19600 rally can extend towards 19683/19729/19777 , Bears will get active below 19575 can lead to swift fall towards 19512/19444. Try to trade after 11:08 to capture the trend.
Swing Traders can go long above 19485 for a move towards 19555/19626/19696. Bears will get active below 19344 for a move towards 19274/19204
Traders may watch out for potential intraday reversals at 9:33,11:08,1:05,2:27 How to Find and Trade Intraday Reversal Times
Nifty Oct Futures Open Interest Volume stood at 1.04 lakh cr , witnessing a addition of 3.3 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a addition of SHORT positions today.
Nifty Advance Decline Ratio at 39:10 and Nifty Rollover Cost is @19768 and Rollover is at 70.4%.
Nifty closed below 20/50/100 SMA and heading towads 19200-19240 till we close below 19610
Nifty options chain shows that the maximum pain point is at 19600 and the put-call ratio (PCR) is at 0.83. 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 19500 strike, followed by 19600 strikes. On the put side, the highest OI is at the 19400 strike, followed by 19300 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 19300 -19500 levels.Total Call OI is 4.95 cr and Total Put OI is 3.58 cr
In the cash segment, Foreign Institutional Investors (FII) sold 1864 crores, while Domestic Institutional Investors (DII) bought 521 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 has closed above 19452
Your risk-adjusted return is more important than your gross P&L. You shouldn’t try to make 5K a day by losing 5K. You shouldn’t do this after 10 years and you certainly shouldn’t do this when you start.
For Positional Traders, The Nifty Futures’ Trend Change Level is At 19603. 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 19567, Which Acts As An Intraday Trend Change Level.
Nifty Intraday Trading Levels
Buy Above 19636 Tgt 19666, 19699 and 19729 ( Nifty Spot Levels)
Sell Below 19575 Tgt 19529, 19500 and 19466 (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.