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 4411 contracts worth 437 crores, resulting in an decrease of 745 contracts in the Net Open Interest.
Nifty has formed multiple Inside Bars. The last time this occurred was on 01/02 Sep 2022. We have a Gann Natural Date approaching, and also, the Sun Ingress and Bayer’s Rule will come into effect tomorrow, 22 Nov. The VIX also saw an uptick above 12 after many days. The market is preparing itself for a trending move as both Gann and astro cycles are converging. We have shared swing levels below.
Nifty broke the first 15 minutes high but hit the stop loss, and shorts were only able to achieve one target on the downside. Thus, Nifty did not perform as per expectations. It’s notable that Nifty is facing challenges in closing above 19,850, which was the high on October 17th when the market experienced a decline towards 18,838. The fall from 19,850 to 18,838 took seven trading sessions, while the subsequent rise has taken 19 trading sessions. However, Nifty is still struggling to close above 19,850, indicating a potential distribution in the current uptrend. Additionally, today marks the completion of 45 trading sessions from the high on September 15th. This suggests that the next two days could witness a trending move, with specific levels mentioned below
Nifty Trade Plan for Positional Trade ,Bulls will get active above 19832 for a move towards 19902/19972. Bears will get active below 19763 for a move towards 19693/19623/19554
Traders may watch out for potential intraday reversals at 9:17, 10:51,11:40,12:57,2:13 How to Find and Trade Intraday Reversal Times
Nifty Nov Futures Open Interest Volume stood at 1.04 lakh cr , witnessing a addition of 2.6 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a addition of LONG positions today.
Nifty Advance Decline Ratio at 27:23 and Nifty Rollover Cost is @19372 closed below it.
Nifty Gann Monthly Trend Change Level : 19224
Nifty has closed above all short term moving averges . Below 19683 move towards 19554/19410
Nifty options chain shows that the maximum pain point is at 19800 and the put-call ratio (PCR) is at 0.91. 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.
In the cash segment, Foreign Institutional Investors (FII) sold 645 crores, while Domestic Institutional Investors (DII) sold 565 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.
As traders, we should spend each day stepping outside of our comfort zone so we improve.
Nifty Expiry Range
Upper End of Expiry : 19934
Lower End of Expiry : 19688
Nifty Intraday Trading Levels
Buy Above 19825 Tgt 19857, 19888 and 19934 ( Finance Nifty Spot Levels)
Sell Below 19796 Tgt 19764, 19729 and 19688 ( Finance 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.