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 3836 contracts worth 378 crores, resulting in an decrease of 1052 contracts in the Net Open Interest.
Nifty is struggling at its 3×4 gann angle line and will react of HDFC BANK Results today, NIfty has also formed an Inside Bar pattern today Price is trading above 20 SMA, NIfty is looking strong as compared to Bank Nifty. Till Nifty is above 19600 Bulls have upper hand.
Nifty Trade Plan for Positional Trade ,Bulls will get active above 19850 for a move towards 19915/19985/20055. Bears will get active below 19775 for a move towards 19705/19635.
Traders may watch out for potential intraday reversals at 99:28,10:39,12:58,1:39,2:16 How to Find and Trade Intraday Reversal Times
Nifty Oct Futures Open Interest Volume stood at 0.93 lakh cr , witnessing a liquidation of 0.01 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a covering of LONG positions today.
Nifty Advance Decline Ratio at 45:05 and Nifty Rollover Cost is @19768 and Rollover is at 70.4%.
Nifty closed above 20SMA ,BUlls have upper hand till we are above 19600
Nifty options chain shows that the maximum pain point is at 19800 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 19800 strike, followed by 19900 strikes. On the put side, the highest OI is at the 19700 strike, followed by 19600 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 19700 -19900 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 593 crores, while Domestic Institutional Investors (DII) bought 1184 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 19673 . 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 19748 , Which Acts As An Intraday Trend Change Level.
Nifty Intraday Trading Levels
Buy Above 19850 Tgt 19888, 19920 and 19960 ( Nifty Spot Levels)
Sell Below 19796 Tgt 19777, 19743 and 19729 (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.