Nifty Forms DOJI on Gann Date, 23 April Analysis

By | April 22, 2024 11:25 pm

Foreign Institutional Investors (FIIs) displayed a Bearish  approach in the Nifty Index Futures market by Shorting 1621 contracts worth 183 crores, resulting in a increase of 1791 contracts in the Net Open Interest. FIIs covered 7920 long contracts and 2019 short contracts were covered by them , indicating a preference for covering  LONG and adding SHORT positions .With a Net FII Long Short ratio of 0.96 FIIs utilized the market rise to exit Long positions and exit short positions in NIFTY Futures. Clients have added 3486 long and 799 Shorts were added by them.

As Discuused in Last Analysis

Israel has conducted an attack, which is expected to impact market openings significantly. The Nifty is likely to open with a gap down 21750 should be watched out for swing traders,Intraday  traders should closely monitor the high and low of the first 15 minutes of trading to determine the day’s trend.

Today also sees a conjunction of Mercury and Venus, two inner planets known for causing swift market movements. This emphasizes the need for traders to be flexible and agile in their approach. Adaptability and quick decision-making will be key to navigating the market dynamics effectively today.

Nifty still not able to close above its 4×3 gann angle and closed above 50% point of the current move. Nifty till its Holding today Low 22198  Bulls will have upper hand till 25 April.


Nifty Trade Plan for Positional Trade ,Bulls will get active above 22347 for a move towards 22421/22486/22570. Bears will get active below 22196 for a move towards 22127/22053/21978.

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

Nifty April  Futures Open Interest Volume stood at 0.96 lakh cr , witnessing a liquidation of 7 Lakh  contracts. Additionally, the increase in Cost of Carry implies that there was a closeure of SHORT positions today.

Nifty Advance Decline Ratio at 44:06 and Nifty Rollover Cost is @22327  closed above it.

Nifty Gann Monthly  Trade level :22455 below it above  it.

Nifty closed above 20/50/100 SMA, Trend is Buy on Dips till above 22198.

Nifty options chain shows that the maximum pain point is at 22300 and the put-call ratio (PCR) is at 0.81. 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 22400 strike, followed by 22500 strikes. On the put side, the highest OI is at the 22200 strike, followed by 22100 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 22100-22400 levels.

According To Todays Data, Retailers Have bought 726 K Call Option Contracts And 649 K Call Option Contracts Were Shorted by them. Additionally, They bought 124 K Put Option Contracts And 105 K Put Option Contracts were Shorted by them, Indicating A Bullish Bias.

In Contrast, Foreign Institutional Investors (FIIs) bought 118 Call Option Contracts And 172 K Call Option Contracts Were Shorted by them. On The Put Side, FIIs bought 43 K Put Option Contracts And 148 K Put Option Contracts were Shorted by them, Suggesting They Have Turned To Bearish Bias.

In the cash segment, Foreign Institutional Investors (FII) sold 2915 crores, while Domestic Institutional Investors (DII) bought 3542 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.

If you don’t trust the system while you’re in a trade, you’ll become impatient. Impatience makes you exit too soon – afraid that profits will dissipate – or too late, because you don’t want to take a loss.

For Positional Traders, The Nifty Futures’ Trend Change Level is At 22487 . 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 22277 , Which Acts As An Intraday Trend Change Level.

Nifty Intraday Trading Levels

Buy Above 22350 Tgt 22383, 22424 and 22480 ( Nifty Spot Levels)

Sell Below 22286 Tgt 22250, 22222 and 22185 ( 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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