Venus and Moon Impact : Nifty Hits 23000

By | May 23, 2024 11:04 pm

Foreign Institutional Investors (FIIs) displayed a Bullish approach in the Nifty Index Futures market by buying 104185 contracts worth ₹5971 crores, resulting in a increase of 62641 contracts in the net open interest. FIIs added 86122 long contracts and civered 35293  short contracts, indicating a preference for adding long positions and covering short positions. With a net FII long-short ratio of .38, FIIs utilized the market rise to enter long positions and exit short positions in Nifty futures. Clients covered 55565 long contracts and added 3000 short contracts.

As Discuused in Last Analysis

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 showed the impact of Astro date as discussed in below video, Price has touched its 3×4 gann angle as shown in below gann chart, NIfty made 24 Life high of 2024 Till 22777 is held bulls have upper hand. 25 Jupiter is going ingress so again we can see a trend change starting next week.

Nifty Trade Plan for Positional Trade ,Bulls will get active above 23028 for a move towards 23103/23178 Bears will get active below 22878 for a move towards 22802/22729/22652.

Traders may watch out for potential intraday reversals at 10:05,12:39,1:27,2:32 How to Find and Trade Intraday Reversal Times

Nifty April  Futures Open Interest Volume stood at 1.02  lakh cr , witnessing a addiiton of 5 Lakh  contracts. Additionally, the increase in Cost of Carry implies that there was a addition of LONG positions today.

Nifty Advance Decline Ratio at 44:06 and Nifty Rollover Cost is @22514 closed above it.

Nifty Gann Monthly  Trade level :22320 close  above it.

Nifty closed above its 20 SMA @22331 Trend is Buy on Dips.

Nifty options chain shows that the maximum pain point is at 23000 and the put-call ratio (PCR) is at 1.35. 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 23000 strike, followed by 23100 strikes. On the put side, the highest OI is at the 22800 strike, followed by 22700 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 22800-23100 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) bought 4670.95 crores, while Domestic Institutional Investors (DII) bought 146.51 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 Edge : An advantage you have discovered and use in your entries that helps you execute your trade in a high probability way … makes the outcome more favorable to your chances of success, gives you an “edge” over others.

For Positional Traders, The Nifty Futures’ Trend Change Level is At 22492 . 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 22861 , Which Acts As An Intraday Trend Change Level.

Nifty Intraday Trading Levels

Buy Above 23000 Tgt 23033, 23066 and 23108 ( Nifty Spot Levels)

Sell Below 22906 Tgt 22864, 22830 and 22777 (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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