Analysis of FIIs’ behavior in the Nifty Index Futures market shows a Bullish approach as they displayed a preference for LONG positions. On a net basis, FIIs went LONG 958 contracts worth 94 crores, resulting in an increase of 4926 contracts in the Net Open Interest.
As Discussed in Last Analysis
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.
We have Multiple Astro events Involving Mars/Mercury/Venus/North node as discussed in below video, with price struggling at 3×4 gann angle as discuused below to move away from 3×4 gann angle we will need a big red/green candel. Nifty will also be completing 144 trading days from 20 March 2023 Low tommrow so as both gann and astro date are confluecing we could see big move.
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 9:34,10:35,12:57,1:35,2:11 How to Find and Trade Intraday Reversal Times
Nifty Oct Futures Open Interest Volume stood at 0.94 lakh cr , witnessing a addition of 1.34 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a addition of LONG positions today.
Nifty Advance Decline Ratio at 35:15 and Nifty Rollover Cost is @19768 and Rollover is at 70.4%.
Nifty closed above 20SMA ,BUlls have upper hand till we are above 19778
Nifty options chain shows that the maximum pain point is at 19800 and the put-call ratio (PCR) is at 0.85. 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 5.95 cr and Total Put OI is 5.58 cr
In the cash segment, Foreign Institutional Investors (FII) bought 263 crores, while Domestic Institutional Investors (DII) bought 112 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 19684 . 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 19819, 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.