Foreign Institutional Investors (FIIs) displayed a Bearish approach in the Nifty Index Futures market by Shorting 20779 contracts worth 2337 crores, resulting in a increase of 12181 contracts in the Net Open Interest. FIIs covered 13328 long contracts and 2110 short contracts were added by them , indicating a preference for covering LONG and adding SHORT positions .With a Net FII Long Short ratio of 0.48 FIIs utilized the market rise to exit Long positions and enter short positions in NIFTY Futures. Clients have covered 17119 long and 19007 Shorts were covered by them.
Nifty is back to its gann angle resistance and unable to close above 62.5 % retracement of current upmove suggesting selling at higher level With VIX crashing 20% suggesting complexcity on short term, TIll NIfty BUlls are 22198 holding this level BUlls will have upper hand.
Today Mercury Retrograde is getting over which generally leads to trend change,Bayer Rule 1: The trend changes when Mercury changes its direction Bulls need to protect 22276 unable to do so can lead to fall towards 22158/22050. Bank NIfty has formed an NR21 pattern,lowest range in last 21 trading session suggesting we should see a big move in bank nifty is next 2 trading session.
Nifty Trade Plan for Positional Trade ,Bulls will get active above 22347 for a move towards 22421/22486/22570. Bears will get active below 22276 for a move towards 22196/22053/21978.
Traders may watch out for potential intraday reversals at 09:49,11:22,12:17,1:08,1:43 How to Find and Trade Intraday Reversal Times
Nifty April Futures Open Interest Volume stood at 0.87 lakh cr , witnessing a liquidation of 8.4 Lakh contracts. Additionally, the increase in Cost of Carry implies that there was a closeure of SHORT positions today.
Nifty Advance Decline Ratio at 23:26 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 22276.
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 2511 crores, while Domestic Institutional Investors (DII) bought 3809 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.
Simplicity in trading demonstrates wisdom. Complexity is the sign of inexperience.
For Positional Traders, The Nifty Futures’ Trend Change Level is At 22445. 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 22479 , Which Acts As An Intraday Trend Change Level.
Nifty Expiry Range
Upper End of Expiry : 22475
Lower End of Expiry : 22234
Nifty Intraday Trading Levels
Buy Above 22385 Tgt 22412, 22450 and 22475 ( Nifty Spot Levels)
Sell Below 22323 Tgt 22300, 22275 and 22234 ( 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.