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 1924 contracts worth 186 crores, resulting in an decrease of 1486 contracts in the Net Open Interest.
Nifty saw a big gap up today and price is forming higher highs closed at its 20 DMA and 50% of the entier fall at 19343 . Till we are above 19323-19343 Bulls are in the control. Low made was 19329 Nifty formed DOJI closed above Saturn Direct High and 50% point of 19343. today we have Venus Ingress, Watch for first 15 mins High and Low to capture the trend of the day. Today is the 9 day of rise from the 26 Oct bottom. 9 is important number as per gann so be ready for a volatile move. Last upmove from 04 Oct also lasted for 09 Days and price reacted from 62.5% Gann Retracement. So lets see if we get another price and time symnetry today.
Nifty Trade Plan for Positional Trade ,Bulls will get active above 19418 for a move towards 19488/19557/19625 . Bears will get active below 19320 for a move towards 19277/19207/19137 Waiting for 19488/19557/19625
Traders may watch out for potential intraday reversals at 9:28,12:02,2:15 How to Find and Trade Intraday Reversal Times
Nifty Nov Futures Open Interest Volume stood at 1.10 lakh cr , witnessing a liquidation of 0.49 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a closeure of LONG positions today.
Nifty Advance Decline Ratio at 37:13 and Nifty Rollover Cost is @19372 closed below it.
Nifty is near its 20 DMA, Fight on to close above 19410-19455 zone.
Nifty options chain shows that the maximum pain point is at 19400 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 19500 strike, followed by 19600 strikes. On the put side, the highest OI is at the 19300 strike, followed by 19200 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 19300-19600 levels.
In the cash segment, Foreign Institutional Investors (FII) sold 497 crores, while Domestic Institutional Investors (DII) bought 700 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.
“Years of practice at the game, of constant study, of always remembering, enable the trader to act on the instant when the unexpected happens as well as when the expected comes to pass.”
For Positional Traders, The Nifty Futures’ Trend Change Level is At 19218 . 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 19459, Which Acts As An Intraday Trend Change Level.
Nifty Intraday Trading Levels
Buy Above 19424 Tgt 19450, 19484 and 19512 ( Nifty Spot Levels)
Sell Below 19385 Tgt 19343, 19312 and 19285 (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.