Mercury Ingress Impact: Nifty Fails to Break 21952, 07 Feb Trade Plan

By | February 6, 2024 11:10 pm

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  10792 contracts worth 1184 crores, resulting in an increase of 8694 contracts in the Net Open Interest.

As Discussed in Last Analysis

Nifty formed lower low with  selling coming in 2 half of the day. 21952 Gann Number again acted as a resistance and price has corrected from that. 21750 -21650 is important Support zone, Break of 21650 can lead to quick fall towards 21512/21383, Merucry Ingress Leads to big move in NIfty.

Nifty failed to break the mercury ingress low of 21726 and high of 21961, Price has formed an Inside Bar pattern ,Today rally was lead by IT stocks Bulls need a close above 21952 for another attemt towards all time high. Bears need to break 21729 Mercury ingress low for Bearish move.

Nifty Trade Plan for Positional Trade ,Bulls will get active above 21815 for a move towards 21888/21961/22034 . Bears will get active below 21750 for a move towards 21688/21595/21522/21448.

Traders may watch out for potential intraday reversals at 10:13,11:31,12:13,2:07 How to Find and Trade Intraday Reversal Times

Nifty Feb Futures Open Interest Volume stood at 1.20 lakh cr , witnessing a addition of 2.5 Lakh  contracts. Additionally, the increase in Cost of Carry implies that there was a addition of LONG positions today.

Nifty Advance Decline Ratio at 37:13  and Nifty Rollover Cost is @21592 closed above it.

Nifty Gann Monthly  Buy Trade level : 21915 and Gann Monthly  Sell Trade level : 21646 — 21915 closed above it.

Nifty has closed above  its above DMA 21650

Nifty options chain shows that the maximum pain point is at 21750 and the put-call ratio (PCR) is at 0.90. 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 21900 strike, followed by 22000 strikes. On the put side, the highest OI is at the 21700 strike, followed by 21600 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 21700-22000 levels.

In the cash segment, Foreign Institutional Investors (FII) bought  92 crores, while Domestic Institutional Investors (DII) bought 1096 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.

If you want to be a good trader “Be the Best Listener.” Listen To Market, Experienced Traders. If a losing trade sets you off, then this can affect your trades going forward. And this is dangerous. We call this trading on “tilt.”

For Positional Traders, The Nifty Futures’ Trend Change Level is At 21784 . 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 21903, Which Acts As An Intraday Trend Change Level.

Nifty Intraday Trading Levels

Buy Above 22008 Tgt 22044, 22088 and 22125 ( Nifty Spot Levels)

Sell Below 21950 Tgt 21920, 21888 and 21844 (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.

Category: Daily

About Bramesh

Bramesh Bhandari has been actively trading the Indian Stock Markets since over 15+ Years. His primary strategies are his interpretations and applications of Gann And Astro Methodologies developed over the past decade.

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