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 did not do much as discussed in below video, 12-13 are important Gann and Astro date so we can see big move in next 2 trading session.
Finance Nifty formed a DOJI and is approaching 12 Dec which is gann emblem date as shown in below chart from 16 March 2023 Low. Price has made a fresh all time high today and tommrow being weekly expiry and important gann date watch out for first 15 mins High and low to capture trend for the day. Close below 21132 can trigger a gann price time squaring for a move towards 20842.
Finance Nifty Trade Plan for Positional Trade ,Bulls will get active above 21272 for a move towards 21344/21417/21489. Bears will get active below 21132 for a move towards 21055/20983.
Traders may watch out for potential intraday reversals at 9:30,11:48,1:50,2:26 How to Find and Trade Intraday Reversal Times
Finance Nifty Nov Futures Open Interest Volume stood at 67480 with addition of 3520 contracts. Additionally, the increase in Cost of Carry implies that there was a addition 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 : 20655
Finance Nifty has closed above its 20/50/100/200 DMA, TIll 21075 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 20587-21182-21812 . 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 21200 strike, followed by the 21300 strike. On the put side, the 21100 strike has the highest OI, followed by the 21000 strike. This indicates that market participants anticipate Finance Nifty to stay within the 20100-21300 range.
The Finance Nifty options chain shows that the maximum pain point is at 21200 and the put-call ratio (PCR) is at 0.92. 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 20989 . 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 21299, Which Acts As An Intraday Trend Change Level.
Finance Nifty Expiry Range
Upper End of Expiry : 21355
Lower End of Expiry : 21072
Finance Nifty Intraday Trading Levels
Buy Above 21250 Tgt 21275, 21303 and 21355 ( Finance Nifty Spot Levels)
Sell Below 21200 Tgt 21170, 21144 and 21108 ( 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.