Foreign Institutional Investors (FIIs) displayed a bearish approach in the Nifty Index Futures market by shorting 29,666 contracts worth ₹1,658 crores, resulting in a decrease of 11,588 contracts in the net open interest. FIIs covered 21,418 long contracts and added 18,105 short contracts, indicating a preference for exiting long positions and adding short positions. With a net FII long-short ratio of 0.62, FIIs utilized the market rise to exit long positions and enter short positions in Nifty futures. Clients added 13,730 long contracts and covered 8,862 short contracts.
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 has bounced from previous swing botthon of 21777, Low made was 21821 and we saw a decent bounce. Today, Mercury is moving into Taurus. Mercury is a small planet and often causes short-term trend changes. Traders need to watch the first 15 minutes’ high and low to capture the trend for the day. We will get US CPI data today, so tomorrow we will likely see a gap opening. Therefore, carry overnight positions with a hedge.
Nifty Trade Plan for Positional Trade ,Bulls will get active above 22338 for a move towards 22411/22484/22555/22610. Bears will get active below 22190 for a move towards 22116/22042/21968/21894.
Traders may watch out for potential intraday reversals at 09:30,10:55,12:22,1:33,2:24 How to Find and Trade Intraday Reversal Times
Nifty April Futures Open Interest Volume stood at 1.08 lakh cr , witnessing a liquidation of 0.89 Lakh contracts. Additionally, the increase in Cost of Carry implies that there was a liquidation of LONG positions today.
Nifty Advance Decline Ratio at 34:16 and Nifty Rollover Cost is @22514 closed below it.
Nifty Gann Monthly Trade level :22320 close below it.
Nifty closed below 20 SMA @22320 but closed above 50/100 SMA , Trend is Neutral.
Nifty options chain shows that the maximum pain point is at 22300 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 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 223100-22400 levels.
According To Todays Data, Retailers Have bought 209 K Call Option Contracts And 330 K Call Option Contracts Were Shorted by them. Additionally, They bought 441 K Put Option Contracts And 515 K Put Option Contracts were Shorted by them, Indicating A BUllish Bias.
In Contrast, Foreign Institutional Investors (FIIs) bought 192 K Call Option Contracts And 132 K Call Option Contracts Were Shorted by them. On The Put Side, FIIs sold 7 K Put Option Contracts And 146 K Put Option Contracts were Shorted by them, Suggesting They Have Turned To Neutral Bias.
In the cash segment, Foreign Institutional Investors (FII) sold 4065 crores, while Domestic Institutional Investors (DII) bought 3527 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.
Trading is just a number game based on the odds so as a trader you should not put significance to one particular trade.
For Positional Traders, The Nifty Futures’ Trend Change Level is At 22472. 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 22270, Which Acts As An Intraday Trend Change Level.
Nifty Intraday Trading Levels
Buy Above 22285 Tgt 22323, 22366 and 22399 ( Nifty Spot Levels)
Sell Below 22222 Tgt 21185, 22144 and 22108 ( 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.