Nifty Forms Double Top,02 May 2024 Trade Plan

By | May 2, 2024 4:58 am

Foreign Institutional Investors (FIIs) displayed a Bullish approach in the Nifty Index Futures market by Buying 29552 contracts worth 1684 crores, resulting in a increase of 16688  contracts in the Net Open Interest. FIIs added  47416 long contracts and 14984 short contracts were covered by them , indicating a preference for adding LONG and exiting SHORT positions .With a Net FII Long Short ratio of 0.46 FIIs utilized the market fall to enter Long positions and exit short positions in NIFTY Futures. Clients have covered 32052 long and 21541 Shorts were added by them.

As Discuused in Last Analysis

Nifty rallied and made a new life time as Gann and Astro combined as discussed in below video . When Gann and Astro time cycle confluence We see explosive move as seen yesterday. 22527  is important level which needs to be watched out in nifty for current uptrendto continue towards 23000 Today being Mars Ingress so first 15 mins High and Low will guide for the day. We have MOnthly close today Bulls would like to close above 22527.

The US Fed kept rates unchanged. Nifty formed a DOuble top after hitting a fresh all-time high at 22783. As long as the price remains above 22527 , bulls have the upper hand. The last 1-hour decline was more due to the Double top at 22675 and trading holiday on May 1st. Today, Pluto is going retrograde, which may cause volatility, Keep an eye on Pharma Stocks. The highs and lows of the first 15 minutes will guide us in another volatile session today.

Nifty Trade Plan for Positional Trade ,Bulls will get active above 22678 for a move towards 22753/22828/22902. Bears will get active below 22529 for a move towards 22454/22379/22305.

Traders may watch out for potential intraday reversals at 10:13,12:17,1:16,2:22 How to Find and Trade Intraday Reversal Times

Nifty April  Futures Open Interest Volume stood at 1.07 lakh cr , witnessing a addition of 0.39 Lakh  contracts. Additionally, the increase in Cost of Carry implies that there was a addition of LONG positions today.

Nifty Advance Decline Ratio at 24:26 and Nifty Rollover Cost is @22327  closed above it.

Nifty Gann Monthly  Trade level :22527 close  above  it.

Nifty closed above 20/50/100 SMA, Trend is Buy on Dips till above 22527.

Nifty options chain shows that the maximum pain point is at 22600 and the put-call ratio (PCR) is at 1.11. 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 22700 strike, followed by 22800  strikes. On the put side, the highest OI is at the 22500 strike, followed by 22400 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 22500-22800 levels.

According To Todays Data, Retailers Have sold 289 K Call Option Contracts And 2.9 K Call Option Contracts Were Shorted by them. Additionally, They bought 379 K Put Option Contracts And 408 K Put Option Contracts were Shorted by them, Indicating A Bearish Bias.

In Contrast, Foreign Institutional Investors (FIIs) bought 225 K Call Option Contracts And 170 K Call Option Contracts Were Shorted by them. On The Put Side, FIIs bought 379 K Put Option Contracts And 408 K Put Option Contracts were Shorted by them, Suggesting They Have Turned To Neutral Bias.

In the cash segment, Foreign Institutional Investors (FII) bought  1072 crores, while Domestic Institutional Investors (DII) bought 1429 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 22664   . 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 22784 , Which Acts As An Intraday Trend Change Level.

Nifty Expiry Range

Upper End of Expiry : 22802

Lower End of Expiry : 22497

Nifty Intraday Trading Levels

Buy Above 22612 Tgt 22640 , 22670 and 22700 ( Nifty Spot Levels)

Sell Below 22555 Tgt 22529, 22500 and 22470 ( 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: Nifty Weekly Expiry

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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