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 3323 contracts worth 363 crores, resulting in an increase of 9191 contracts in the Net Open Interest.
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 continue to trade below 21952 another gap up above 22000 got sold into and price is still in mercury ingress range from last 3 trading session. Tommrow RBI Policy will come at 10 AM,Trade after 11 AM, we will see volatile move in last 1 hour tommrow. 09 Feb is New Moon day so we can start new trend on Friday.
Nifty Trade Plan for Positional Trade ,Bulls will get active above 22021 for a move towards 22095/22169/22242 . Bears will get active below 21874 for a move towards 21800/21726.
Traders may watch out for potential intraday reversals at 09:18,11:16,12:09,2:40 How to Find and Trade Intraday Reversal Times
Nifty Feb Futures Open Interest Volume stood at 1.21 lakh cr , witnessing a addition of 0.65 Lakh contracts. Additionally, the increase in Cost of Carry implies that there was a addition of LONG positions today.
Nifty Advance Decline Ratio at 27:23 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 21900 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) sold 1691 crores, while Domestic Institutional Investors (DII) bought 327 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 21823. 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 21997, Which Acts As An Intraday Trend Change Level.
Nifty Expiry Range
Upper End of Expiry : 22108
Lower End of Expiry : 21751
Nifty Intraday Trading Levels
Buy Above 21960 Tgt 21999, 22040 and 22099 ( Nifty Spot Levels)
Sell Below 21900 Tgt 21864, 21824 and 21800 (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.