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 458 contracts worth 50.70 crores, resulting in an increase of 2840 contracts in the Net Open Interest.
Nifty has closed above its 20 SMA and now for Bulls to sustain for this uptrend need to close above Monday High 22115 as its High of Solar Eclipse TIme cycle and Mercury Ingress. Today we have HDFC Bank Results which will come during market hours so be ready for a voaltile move.
Nifty failed to close above 22115 which was Mercury Ingress High, As Discussed in below Video Mercury Ingress Leads to trend change, Now Bears need to close below 21963 for a move towards 21715.
Nifty Trade Plan for Positional Trade ,Bulls will get active above 22157 for a move towards 22230/22304. Bears will get active below 22083 for a move towards 22009/21936. — Bears closed below 22083 now waiting for 22009/21936 will be done with gap down.
Traders may watch out for potential intraday reversals at 09:27,11:40,12:25,1:27,2:54 How to Find and Trade Intraday Reversal Times
Nifty Jan Futures Open Interest Volume stood at 1.22 lakh cr , witnessing a liquidation of 1.75 Lakh contracts. Additionally, the increase in Cost of Carry implies that there was a closure of LONG positions today.
Nifty Advance Decline Ratio at 16:34 and Nifty Rollover Cost is @21719 closed above it.
Nifty Gann Monthly Trend Change Level : 21749– CLosed above it.
Nifty bounced from its 20 DMA @21622, Till 21622 is held bulls have upperhand.
Nifty options chain shows that the maximum pain point is at 22000 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 22200 strike, followed by 22200 strikes. On the put side, the highest OI is at the 22000 strike, followed by 21800 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 21800-22100 levels.
In the cash segment, Foreign Institutional Investors (FII) bought 656 crores, while Domestic Institutional Investors (DII) sold 369 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 21146-21775-22404 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.
In a strongly trending market the signals going with the trend often go for 5 to 8 days to even weeks before giving another reversal. This is so simple, and yet few traders are rich. That is because one of the HARDEST THINGS in all of trading is staying with a position until a clear reversal signal is given.
For Positional Traders, The Nifty Futures’ Trend Change Level is At 21810 . 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 22057 , Which Acts As An Intraday Trend Change Level.
Nifty Intraday Trading Levels
Buy Above 22115 Tgt 22155, 22200 and 22555 ( Nifty Spot Levels)
Sell Below 22078 Tgt 22040, 22000 and 21952 (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.