Foreign Institutional Investors (FIIs) displayed a Bullish approach in the Nifty Index Futures market by buying 7553 contracts worth ₹432 crores, resulting in a decrease of 67795 contracts in the net open interest. FIIs covered 65750 long contracts and covered 13085 short contracts, indicating a preference for covering long positions and covering short positions. With a net FII long-short ratio of .72, FIIs utilized the market fall to exit long positions and exit short positions in Nifty futures. Clients added 12213 long contracts and covered 40906 short contracts.
NIfty made a fresh all time high today but saw profit booking as it touched the gann level as shown in below chart. Price is struggling to cross 3×4 gann angle and formed an Outside bar candel near top which is a reversal signal if we break and close below 22872 today. ON Upside BUlls need to move above 23108 JUpiter Ingress for continuation of upmove. 23071-23108 is important range for Bulls to cross.
NIfty has shown sign of reversal wiith closing below previous day low, TOday is important gann date as discussed in below video so intraday traders can watch for fiorst 15 mins high and low to capture trend for the day.
Nifty Trade Plan for Positional Trade ,Bulls will get active above 22750 for a move towards 22825/22920 Bears will get active below 22674 for a move towards 22598/22523/22447
Traders may watch out for potential intraday reversals at 09:28,11:59,12:29,1:32,2:04 How to Find and Trade Intraday Reversal Times
Nifty May Futures Open Interest Volume stood at 0.69 lakh cr , witnessing a liquidation of 17.3 Lakh contracts. Additionally, the increase in Cost of Carry implies that there was a closure of LONG positions today.
Nifty Advance Decline Ratio at 10:40 and Nifty Rollover Cost is @22514 closed above it.
Nifty Gann Monthly Trade level :22320 close above it.
Nifty closed above its 20 SMA @22486 Trend is Buy on Dips.
Nifty options chain shows that the maximum pain point is at 22700 and the put-call ratio (PCR) is at 0.65. 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 22600 strike, followed by 22500 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 132 K Call Option Contracts And 346 K Call Option Contracts Were Shorted by them. Additionally, They sold 200 K Put Option Contracts And 163 K Put Option Contracts were Shorted by them, Indicating A Bullish Bias.
In Contrast, Foreign Institutional Investors (FIIs) sold 179 K Call Option Contracts And 346 K Call Option Contracts Were Shorted by them. On The Put Side, FIIs sold 355 K Put Option Contracts And 590 K Put Option Contracts were Shorted by them, Suggesting They Have Turned To Neutral Bias.
In the cash segment, Foreign Institutional Investors (FII) sold 5841 crores, while Domestic Institutional Investors (DII) bought 5233 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.
P&L is not dictated by our predictions but our trading skill And when you develop trading skills, it does not matter whether you accurately predict the top in a sector. It just matters that that sector is active. As long as it moves.
For Positional Traders, The Nifty Futures’ Trend Change Level is At 22878 . 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 : 22987
Lower End of Expiry : 22412
Nifty Intraday Trading Levels
Buy Above 22700 Tgt 22729, 22777 and 22816 ( Nifty Spot Levels)
Sell Below 22650 Tgt 22610, 22555 and 22500 (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.