Nifty 03 April 2024 Trade Plan

By | April 3, 2024 9:09 am

Foreign Institutional Investors (FIIs) displayed a Bullish  approach in the Nifty Index Futures market by Buying 5744   contracts worth 648 crores, resulting in a increase of 2494 contracts in the Net Open Interest. FIIs added 5250  long contracts and 910 short contracts were covered by them , indicating a preference for adding LONG and covering SHORT positions .With a Net FII Long Short ratio of 0.49 FIIs utilized the market rise to enter Long positions and exit short positions in NIFTY Futures. Clients have added 4195  long and 2284 Shorts were added by them.

As Discuused in Last Analysis

Nifty will be completing 108 trading days from the 26th of October Low, and today, being during Mercury Retrograde, which is a very powerful astrological event, we can anticipate an explosive move in Nifty in next 2 trading session. Bears will need to break 22386 for a swing of 144 points from this level. Bulls aiming above 22530 will target 22729.

Nifty has formed 2 DOJI is last 2 trading sessions, Today we will open gap down and Bulls need to hold 22200-22225 range for upmove to continue. Bears were able to close below 22455 which we quaterly open they have upper hand but need to break 22200-22225  range for impulsive downmove.

Nifty Trade Plan for Positional Trade ,Bulls will get active above 22535 for a move towards 22610/22684/22759. Bears will get active below 22386 for a move towards 22312/22238/22163

Traders may watch out for potential intraday reversals at 9:15,10:31,12:40,1:20,2:12,02:50  How to Find and Trade Intraday Reversal Times

Nifty April  Futures Open Interest Volume stood at 0.83 lakh cr , witnessing a addition  of 24 Lakh  contracts. Additionally, the increase in Cost of Carry implies that there was a addition of SHORT positions today.

Nifty Advance Decline Ratio at 28:22 and Nifty Rollover Cost is @22327  closed below it.

Nifty Gann Monthly  Trade level :22455 closed below it.

Nifty  has closed above its 20/30 DMA suggesting trend is buy on dips till we are holding 22455 — Price has closed below 22455

Nifty options chain shows that the maximum pain point is at 22500 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 22500 strike, followed by 22600 strikes. On the put side, the highest OI is at the 22300 strike, followed by 22200 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 22200-22500 levels.

According To Todays Data, Retailers Have bought 132 K Call Option Contracts And 133 K Call Option Contracts Were Shorted by them. Additionally, They bought 196 K Put Option Contracts And 174 K Put Option Contracts were Shorted by them, Indicating A Bullish Bias.

In Contrast, Foreign Institutional Investors (FIIs) bought 114 K Call Option Contracts And 203 K Call Option Contracts Were Shorted by them. On The Put Side, FIIs bought 78 K Put Option Contracts And 86 K Put Option Contracts were Shorted by them, Suggesting They Have Turned To Bearish Bias.

In the cash segment, Foreign Institutional Investors (FII) sold 1622   crores, while Domestic Institutional Investors (DII) bought 1952 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 21775-22404-23071  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.

You’ve told yourself that you need to follow your rules, that you need to trade smaller, or that you should avoid trading during certain market conditions or times of day. Still you make the same mistakes, lose money, and build frustration., your attempts at change fail because they lack emotional force.

For Positional Traders, The Nifty Futures’ Trend Change Level is At 22557 . 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 22557, Which Acts As An Intraday Trend Change Level.

Nifty Intraday Trading Levels

Buy Above 22370 Tgt 22400, 22424 and 22448 ( Nifty Spot Levels)

Sell Below 22336 Tgt 22312, 22285 and 22255 ( 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.

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