Nifty 23 May 2024 Weekly Expiry Analysis

By | May 22, 2024 11:51 pm

Foreign Institutional Investors (FIIs) displayed a Bullish approach in the Nifty Index Futures market by buying 11179 contracts worth ₹631 crores, resulting in a increase of 8451 contracts in the net open interest. FIIs covered 5948 long contracts and added 1833  short contracts, indicating a preference for exiting long positions and adding short positions. With a net FII long-short ratio of .35, FIIs utilized the market rise to exit long positions and enter short positions in Nifty futures. Clients added 6712 long contracts and added 15912 short contracts.

As Discuused in Last Analysis

22307 is octave point and 22313 is #gann monthly tc level #bulls need to close above 22323 for a move higher … today we have #gann time cycle date from 15 Sep High also potential price time squaring on cards.

Nifty saw a volatile session today. Tomorrow will be a crucial day as a lot of astrological events are happening, as discussed in the video below:

– Full Moon
– Venus Ingress
– Jupiter Opposition Moon
– Venus Conjunct Jupiter
– Jupiter Sextile Neptune
– Venus Sextile Neptune

We can expect a volatile move. Traders should watch out for the first 15 minutes’ high and low to capture the trend for the day. Jupiter is the planet for Bank Nifty, so banks should see a good move tomorrow.

Nifty Trade Plan for Positional Trade ,Bulls will get active above 22644 for a move towards 22719/22794/22868. Bears will get active below 22495 for a move towards 22420/22385/22300.

Traders may watch out for potential intraday reversals at 09:45,11:50,12:23,1:31,2:36 How to Find and Trade Intraday Reversal Times

Nifty April  Futures Open Interest Volume stood at 0.97  lakh cr , witnessing a liquidation of 1.2 Lakh  contracts. Additionally, the increase in Cost of Carry implies that there was a liquidation of LONG positions today.

Nifty Advance Decline Ratio at 30:20 and Nifty Rollover Cost is @22514 closed above it.

Nifty Gann Monthly  Trade level :22320 close  above it.

Nifty closed below 20 SMA @22319 but closed above 50/100 SMA , Trend is Neutral.

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 22600 strike, followed by 22700 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 22300-22800 levels.

According To Todays Data, Retailers Have sold 165 K Call Option Contracts And 144 K Call Option Contracts Were Shorted by them. Additionally, They sold 614 K Put Option Contracts And 666 K Put Option Contracts were Shorted by them, Indicating A BUllish  Bias.

In Contrast, Foreign Institutional Investors (FIIs) sold 237 K Call Option Contracts And 324  K Call Option Contracts Were Shorted by them. On The Put Side, FIIs sold  184 K Put Option Contracts And 194 K Put Option Contracts were Shorted by them, Suggesting They Have Turned To Neutral Bias.

In the cash segment, Foreign Institutional Investors (FII) sold 686 crores, while Domestic Institutional Investors (DII) bought 961 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 22473. 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 22630, Which Acts As An Intraday Trend Change Level.

Nifty Expiry Range

Upper End of Expiry : 22853

Lower End of Expiry : 22436

Nifty Intraday Trading Levels

Buy Above 22630 Tgt 22666, 22699 and 22729  ( Nifty Spot Levels)

Sell Below 22610 Tgt 22575, 22529 and 22485 (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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