Finance Nifty is trading above its Sun and Mars Ingress High suggesting BUlls are having upper hand till Bulls are holding 19610-19636 range.
Finance Nifty is expected to complete a 240-degree move tomorrow, i.e., on December 6, 2023, from the high recorded on December 14, 2022. The Finance Nifty has experienced an exponential rise since the low formed on November 23, coinciding with the confluence of Mars and Sun Ingress. It formed a DOJI on its 7th trading session. Whether the DOJI will lead to a reversal confirmation will be confirmed once we start trading below 20,930-20950 for at least 15 minutes. The VIX has also witnessed a breakout today, closing above 13 leading to increase in volatlity and wild intraday move.
Finance Nifty Trade Plan for Positional Trade ,Bulls will get active above 21089 for a move towards 21161/21222. Bears will get active below 20943 for a move towards 20870/20798
Traders may watch out for potential intraday reversals at 9:55, 12:55,1:31,2:22 How to Find and Trade Intraday Reversal Times
Finance Nifty Nov Futures Open Interest Volume stood at 52360 with liquidation of 12640 contracts. Additionally, the decrease in Cost of Carry implies that there was a Closure of LONG positions today.
Finance Nifty Advance Decline Ratio at 09:10, Finance Nifty Rollover Cost is @20700 closed above it.
Bank Nifty Gann Monthly Trend Change Level : 20167
Finance Nifty has closed above its 20/50/100/200 DMA, TIll 20817 is held bulls have upper hand and trend is Buy on Dips.
Traders who follow the musical octave trading path may find valuable insights in predicting Bank Nifty’s movements. According to this path, Finance Nifty may follow a path of 20529-21140-21750 . This means that traders can take a position and potentially ride the move as Bank 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.
According to the Finance Nifty options chain, the call side has the highest open interest (OI) at the 21100 strike, followed by the 21200 strike. On the put side, the 21000 strike has the highest OI, followed by the 20900 strike. This indicates that market participants anticipate Finance Nifty to stay within the 20900-21200 range.
The Finance Nifty options chain shows that the maximum pain point is at 21100 and the put-call ratio (PCR) is at 0.99 . Typically, when the PCR open interest ranges between 0.90 and 1.05, the market tends to remain range-bound.
My advice to any new traders is to seek a mentor who will offer you trading skills that will allow you to adapt to any market. What works one month may not work the next. But with fully developed trading skills, you can make the necessary adjustments.
For Positional Traders, The Finance Nifty Futures’ Trend Change Level is At 20738 . 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 21077 , Which Acts As An Intraday Trend Change Level.
Finance Nifty Intraday Trading Levels
Buy Above 21075 Tgt 21108, 21144 and 21196 ( Finance Nifty Spot Levels)
Sell Below 21025 Tgt 21000, 20966 and 20925 ( 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.