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 4952 contracts worth 524 crores, resulting in an decrease of 4822 contracts in the Net Open Interest.
Nifty experienced a substantial pullback, with prices nearly retracing 50% of the entire decline. Bulls aim to surpass the 21300 level for a potential move towards the all-time high. On the weekly chart, the open equaled the high, indicating a critical level. Bears could assert control if the index falls below 21181, particularly in the last hour, according to the discussed levels.
Today marks Bayer Rule 22: a trend shift occurs when retrograde Mercury crosses over the Sun. With Sun Conjunct Rx Mer and Sun Conjunct Mercury, involving two aspects of Mercury, we anticipate another volatile market move. Intraday traders should monitor the first 15 minutes’ high and low to capture the day’s trend
Yesterday was Jupiter Declination and today we have Double Lunar Date expect good degree of volataltiy in the Nifty as both moon and Jupiter has strong impact on Nifty. For Intraday Traders watch for 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 9:53,12:25,2:09,2:48 How to Find and Trade Intraday Reversal Times
Nifty Dec Futures Open Interest Volume stood at 0.76 lakh cr , witnessing a liquidation of 0.24 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a liquidation of LONG positions today.
Nifty Advance Decline Ratio at 35:15 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 21225.
Nifty options chain shows that the maximum pain point is at 21500 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 21300-21600 levels.
In the cash segment, Foreign Institutional Investors (FII) sold 95 crores, while Domestic Institutional Investors (DII) bought 167 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.
We as a human programmed not to accept our defeat, that is the core our our evolution we are able to survive because of this mental coding. You might have seen so many people coming back to market after loosing everything in market. So due to this it is very hard for us to accept that we lost in a trade. So we keep on waiting for trade to return in our favour.
For Positional Traders, The Nifty Futures’ Trend Change Level is At 21076 . 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 21474 , Which Acts As An Intraday Trend Change Level.
Nifty Intraday Trading Levels
Buy Above 21466 Tgt 21500, 21529 and 21555 ( Nifty Spot Levels)
Sell Below 21400 Tgt 21375, 21343 and 21300 ( 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.