Finance Nifty 23 April 2024 Weekly Expiry Analysis

By | April 22, 2024 11:01 pm

Finance Nifty has bounced from its 1×2 gann angle and closed above 50% point of the current move. Finance Nifty till its Holding today Low 21194 Bulls will have upper hand.

Finance Nifty Trade Plan for Positional Trade ,Bulls will get active above 21340 for a move towards 21412/21485/21558. Bears will get active below 21194 for a move towards 21117/21043.

 Traders may watch out for potential intraday reversals at 10:09,12:22,1:49,2:37 How to Find and Trade Intraday Reversal Times

Finance Nifty April Futures Open Interest Volume stood at 53120 with addition  of 6400 contracts. Additionally, the increase in Cost of Carry implies that there was a covering of SHORT   positions today.

Finance Nifty Advance Decline Ratio at 18:01, Finance Nifty Rollover Cost is @20946 closed above it

Finance Nifty closed above 20/50/100 SMA, Trend is Buy on Dips till above 21158.

Traders who follow the musical octave trading path may find valuable insights in predicting Bank Nifty’s movements. According to this path, Finance Nifty may follow a path of 20587-21198-21812 . This means that traders can take a position and potentially ride the move as Bank 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. 

According to the Finance Nifty options chain, the call side has the highest open interest (OI) at the 21350 strike, followed by the 21450 strike. On the put side, the 21250 strike has the highest OI, followed by the 21150 strike.  This indicates that market participants anticipate Finance  Nifty to stay within the 21250-21400 range. 

The Finance Nifty options chain shows that the maximum pain point is at 21350 and the put-call ratio (PCR) is at 0.88. Typically, when the PCR open interest ranges between 0.90 and 1.05, the market tends to remain range-bound.

By implementing contingency planning, you can take swift, decisive action the instant one of your positions changes its behavior or is hit with an unexpected event.

For Positional Traders, The Finance Nifty Futures’ Trend Change Level is At 21285. 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 21329, Which Acts As An Intraday Trend Change Level.

FIN Nifty Expiry Range

Upper End of Expiry : 21467

Lower End of Expiry : 21184

FIN Nifty Intraday Trading Levels

Buy Above 21343 Tgt 21375, 21400 and 21426 ( FIN Nifty Spot Levels)

Sell Below 21300 Tgt 21270, 21242 and 21210 (FIN 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: Finance NIfty Daily Analysis

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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