Foreign Institutional Investors (FIIs) displayed a Bullish approach in the Nifty Index Futures market by Buying 18843 contracts worth 1064 crores, resulting in a increase of 12763 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.
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 formed an Inside Bar on Astro which is a very good combination to capture the next move and continue to close below its 3×4 gann angle. Today being an Election Day we can see good voaltlity in Nifty. Results season has been OK kind not so great results. Price is trading below its Monthly Open of 22587 and closing below its 20 SMA @22454 suggesting selling pressure on upside.
Nifty Trade Plan for Positional Trade ,Bulls will get active above 22492 for a move towards 22568/22643/2719. Bears will get active below 22417 for a move towards 22341/22266/22190
Traders may watch out for potential intraday reversals at 09:54,11:43,1:07,2:57 How to Find and Trade Intraday Reversal Times
Nifty April Futures Open Interest Volume stood at 1.10 lakh cr , witnessing a addition of 5.4 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 @22514 closed above it.
Nifty Gann Monthly Trade level :22587 close below it.
Nifty closed below its 20 SMA, Trend is Sell on Rise till above 22587.
Nifty options chain shows that the maximum pain point is at 22500 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 22500 strike, followed by 22600 strikes. On the put side, the highest OI is at the 22400 strike, followed by 22300 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 22300-22600 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) sold 2168 crores, while Domestic Institutional Investors (DII) bought 781 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 22666. 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 22590, Which Acts As An Intraday Trend Change Level.
Nifty Intraday Trading Levels
Buy Above 22500 Tgt 22525, 22555 and 22610 ( Nifty Spot Levels)
Sell Below 22450 Tgt 22424, 22400 and 22366 ( 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.