Double Ingress Impact :Nifty Cracks 333 Points

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 1085 contracts worth 120  crores, resulting in an decrease of 1161 contracts in the Net Open Interest.

As Discussed in Last Analysis

Nifty will react to HUL and Reliance results which were both below par. RBL did not came up with good set of results with increase in slippages. Today we have Sun Ingress so PSU back shoould be tracked. 21 We have Pluto Ingress suggesting we will see Double Ingress and Tuesday will be very crucial. Volume will be less today so we can see spike in market at intraday times.

We have seen Impact of Double Ingress  of Sun and Pluto as discussed in below Video. We saw a big crack in PSU bank, Today we had Venus Ingress and first 15 mins low was broken and we saw the big decline. Price is back to its Gann Angle support zone. 50 DMA is coming at 20957 and  20481 isGannOctavePoint.

Nifty Trade Plan for Positional Trade ,Bulls will get active above 21319 for a move towards 21392/21466  . Bears will get active below 21172 for a move towards 21099/21025/20952

Traders may watch out for potential intraday reversals at 09:35,10:27,11:16,12:21,1:57 How to Find and Trade Intraday Reversal Times

Nifty Jan Futures Open Interest Volume stood at 1.11 lakh cr , witnessing a addition of 0.82 Lakh  contracts. Additionally, the increase in Cost of Carry implies that there was a addition of LONG positions today.

Nifty Advance Decline Ratio at 10:40  and Nifty Rollover Cost is @21719 closed below it.

Nifty Gann Monthly Trend Change Level : 21749– CLosed below it.

Nifty 20 DMA @21650-21662 act as resistance now  Support at 50 DMA @20957

Nifty options chain shows that the maximum pain point is at 21200 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 21300 strike, followed by 21400 strikes. On the put side, the highest OI is at the 21100 strike, followed by 21000 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 21000-21400 levels.

In the cash segment, Foreign Institutional Investors (FII) sold 3115 crores, while Domestic Institutional Investors (DII) bought 214 crores. FII sold 27830  cores in 5 trading session

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.

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For Positional Traders, The Nifty Futures’ Trend Change Level is At 21561  . 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 21455 , Which Acts As An Intraday Trend Change Level.

Nifty Intraday Trading Levels

Buy Above 21307 Tgt 21343, 21381 and 21424 ( Nifty Spot Levels)

Sell Below 21160 Tgt 21125, 21085 and 21033 (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.