Analysis of FIIs’ behavior in the Nifty Index Futures market shows a Bullish approach as they displayed a preference for LONG positions. On a net basis, FIIs went LONG 9989 contracts worth 1084 crores, resulting in an increase of 5413 contracts in the Net Open Interest.
Gann Aniversary showed its impact on Nifty as discussed in below video, with price seeing a impulsive correction and forming Outsdie Bar Pattern, Last Week low was 21500 and price is near it .if today also its sustain below it we can see decline of 200-323 points in remaing part of the week. Today we will open gap up so 21700-21729 range is crucial for bulls to sustain above it, Unable to do so we can see gap filling.
Tommrow we have Moon Declination and SUN Square North Node Aspect, North Node will create voaltlity in the market so be ready for another voaltile move like today. Nifty has formed an Inside Bar and Price has still not broken 21500 last week low. We have seen Inside and Outisde bar combo in last 2 trading session so we should see a trending move in next 2 trading session.
Nifty Trade Plan for Positional Trade ,Bulls will get active above 21700 for a move towards 21760/21834 . Bears will get active below 21612 for a move towards 21538/21464 — Waiting for 21464
Traders may watch out for potential intraday reversals at 10:08,11:31,1:14,1:53 How to Find and Trade Intraday Reversal Times
Nifty Jan Futures Open Interest Volume stood at 1.17 lakh cr , witnessing a liquidation of 0.46 Lakh contracts. Additionally, the increase in Cost of Carry implies that there was a closure of LONG positions today.
Nifty Advance Decline Ratio at 23:27 and Nifty Rollover Cost is @21719 closed below it.
Nifty Gann Monthly Trend Change Level : 21650
Nifty is making lower low and heading towards 20 DMA @21452
Nifty options chain shows that the maximum pain point is at 21550 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 21700 strike, followed by 21800 strikes. On the put side, the highest OI is at the 21500 strike, followed by 21400 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 21400-21700 levels.
In the cash segment, Foreign Institutional Investors (FII) sold 990 crores, while Domestic Institutional Investors (DII) bought 104 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.
Learn to function in a tense, unstructured, and unpredictable environment.
Nifty Intraday Trading Levels
Buy Above 21575 Tgt 21610, 21646 and 21700 ( Nifty Spot Levels)
Sell Below 21512 Tgt 21485, 21444 and 21400 (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.