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 1964 contracts worth 210 crores, resulting in an decrease of 6460 contracts in the Net Open Interest.
Nifty broke the 15-minute high on the upside and witnessed a strong rally, achieving a fresh all-time high today. With tomorrow marking the weekly close, bulls are poised to conclude on a high note. Today marked the day when many shorts were flushed out of the system, boosted by positive macro news and a technical breakout. Remember the rule of the stock market: the expensive will become more expensive until the last bear has surrendered. Additionally, today marked the 5th gap from the rally that began on November 22. The next gap, when and if it occurs, will likely be filled.
Nifty has formed an Inside Bar Pattern and formed multiple Inside Bar in last 2 trading session. Tommrow we have Bayers Rule Involving Venus and with Insdie bar today we can see an explosive expiry “Bayer Rule 15: VENUS HELIOCENTRIC LATITUDE AT EXTREME AND LEAST SPEEDS FOR MAJOR MOVES Imp Rule” Intraday trade can follow first 15 mins High and Low to capture trend of the day.
Nifty Trade Plan for Positional Trade ,Bulls will get active above 21485 for a move towards 21541/21600/21659. Bears will get active below 21360 for a move towards 21300/21247/21189.
Traders may watch out for potential intraday reversals at 9:18,11:55,12:46,2:52 How to Find and Trade Intraday Reversal Times
Nifty Dec Futures Open Interest Volume stood at 1.18 lakh cr , witnessing a liquidation of 11.1 0 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a liquidation of LONG positions today.
Nifty Advance Decline Ratio at 17:33 and Nifty Rollover Cost is @21230 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 21400 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 21400 strike, followed by 21500 strikes. On the put side, the highest OI is at the 21300 strike, followed by 21200 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 21000-21300 levels.
In the cash segment, Foreign Institutional Investors (FII) sold 33 crores, while Domestic Institutional Investors (DII) bought 414 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 20552-21146-21775 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.
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 20952 . 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 21148, Which Acts As An Intraday Trend Change Level.
Nifty Intraday Trading Levels
Buy Above 21430 Tgt 21470, 21500 and 21539 ( Nifty Spot Levels)
Sell Below 21400 Tgt 21361, 21323 and 21285 ( 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.