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 10033 contracts worth 1091 crores, resulting in an decrease of 57812 contracts in the Net Open Interest.
Double Lunar Date showed its impact with Nifty hitting all time high again. Price has retraced the whole move on 20 Dec, Tommrow we have last expiry for the year so bulls till holding 21600 can move towards 21742/21815, Any move below 21596 will invite profit booking. Mars Square Neptune aspect tmmrow as Mars is plannet of energy we should see another 150-200 poinmt move in Nifty.
As we approach the last trading day of 2023, it has been a remarkable year for Nifty, posting an impressive 8.4% gain for the month and a substantial 20.3% increase for the entire year, despite numerous geopolitical challenges. For today, keep an eye on the number 21888, Look for a spike down at 3 PM candel also. Wishing you a wonderful New Year celebration, and may you return in 2024 with renewed energy and enthusiasm for the market.
Nifty Trade Plan for Positional Trade ,Bulls will get active above 21669 for a move towards 21742/21815/21888. Bears will get active below 21596 for a move towards 21532/21451/21378– Waiting for 21815/21888
Traders may watch out for potential intraday reversals at 9:15,09:55,2:13,2:40 How to Find and Trade Intraday Reversal Times
Nifty Jan Futures Open Interest Volume stood at 1.28 lakh cr , witnessing a addition of 22.9 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a addition of LONG positions today.
Nifty Advance Decline Ratio at 35:12 and Nifty Rollover Cost is @21719 closed above it.
Nifty Gann Monthly Trend Change Level : 21600
Nifty has closed above all short term moving averges Trend is Buy on dips till we are holding above 21600.
Nifty options chain shows that the maximum pain point is at 21800 and the put-call ratio (PCR) is at 1.02 . 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 21800 strike, followed by 21900 strikes. On the put side, the highest OI is at the 21600 strike, followed by 21500 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 21700-21900 levels.
In the cash segment, Foreign Institutional Investors (FII) bought 4359 crores, while Domestic Institutional Investors (DII) bought 137 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 21925. 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 21925 , Which Acts As An Intraday Trend Change Level.
Nifty Intraday Trading Levels
Buy Above 21801 Tgt 21827, 21875 and 21900 ( Nifty Spot Levels)
Sell Below 21739 Tgt 21704, 21666 and 21630 ( 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.