Analysis of FIIs’ behavior in the Nifty Index Futures market shows a Bearish approach as they displayed a preference for SHORT positions. On a net basis, FIIs went SHORT 777 contracts worth 82 crores, resulting in an increase of 1655 contracts in the Net Open Interest.
Nifty has experienced an exponential rise following the state election results, with the price closing above its 1×2 Gann angle, as depicted in the chart below. The current upmove from 19,800 to 20,864 reflects a rally of 1,064 points in just 5 trading sessions. Tomorrow, two aspects involving Mercury and Venus, both impacting Nifty – Mercury Trine Neptune and Venus Trine Pluto – suggest that the high and low within the first 15 minutes will guide the day. Bulls will likely make strong efforts to defend the 20,817 level. Once breached, we may witness a decline towards the 20,700-20,729 range.
Nifty traded in the sideways zone, as discussed in the video below. It continued to reach fresh all-time highs at 21,026 but failed to close above the psychological number of 21,000.Price is approaching 180 Trading days from 20 March 2023 Low Close below 20945 can trigger a gann price time squaring for a move towards 20656.
Nifty Trade Plan for Positional Trade ,Bulls will get active above 21000 for a move towards 21070/21142. Bears will get active below 20927 for a move towards 20855/20783/20711.
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
Nifty Dec Futures Open Interest Volume stood at 1.16 lakh cr , witnessing a liquidation of 0.29 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a closure of LONG positions today.
Nifty Advance Decline Ratio at 33:16 and Nifty Rollover Cost is @20223 closed above it.
Nifty Gann Monthly Trend Change Level : 20729
Nifty has closed above all short term moving averges Trend is Buy on dips till we are holding above 20816.
Nifty options chain shows that the maximum pain point is at 21000 and the put-call ratio (PCR) is at 1.05 . 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 21000 strike, followed by 21100 strikes. On the put side, the highest OI is at the 20900 strike, followed by 20800 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 20900-21100 levels.
In the cash segment, Foreign Institutional Investors (FII) bought 1261 crores, while Domestic Institutional Investors (DII) sold 1032 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 20552-21146-21775This 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.
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 Nifty Futures’ Trend Change Level is At 20791 . 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.
Nifty Intraday Trading Levels
Buy Above 21040 Tgt 21084, 21125 and 21555 ( Nifty Spot Levels)
Sell Below 20970 Tgt 20940, 20900 and 20864 ( 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.