Foreign Institutional Investors (FIIs) displayed a Bullish approach in the Nifty Index Futures market by Buying 75907 contracts worth ₹4568 crores, resulting in a decrease of 96962 contracts in the net open interest. FIIs added 10448 long contracts and covered 105877 short contracts, indicating a preference for adding long positions and covering of short positions. With a net FII long-short ratio of 1.312, FIIs utilized the market rise to enter long positions and exit short positions in Nifty futures. Clients covered 55548 long contracts and added 39500 short contracts.
Nifty continue to trade above 3×4 gann angle resistance zone, price took support at 23679 and rallied for a fresh all time high. Tommrow Moon will be at Perigee and Moon Opposition Saturn which can add intraday voaltlity. Till 23679 is held Bulls will have upper hand. Price is making all time high but we are seeing declining shares more than advancing shares suggesting rally is getting smaller and moves are due to expiry moves.
Nifty continue to make fresh all time high and did 24000, Nifty has done 23000 to 24000 is just 23 trading session second fastest run in history of Indian Market. Tommrow we will have Weekly/Monthly/Quaterly Closing so last 30 Mins will be crucial. Saturn Retrograde on Weekend and US will get PCE data so MOnday we will see a gap opening so hedge your overnight positions.
Nifty Trade Plan for Positional Trade ,Bulls will get active above 24055 for a move towards 24132/24208. Bears will get active below 23978 for a move towards 23901/23824
Traders may watch out for potential intraday reversals at 10:33,11:49,12:40,01:05,02:32 How to Find and Trade Intraday Reversal Times
Nifty June Futures Open Interest Volume stood at 1.39 lakh cr , witnessing a addition of 0.43 Lakh contracts. Additionally, the increase in Cost of Carry implies that there was a addition of LONG positions today.
Nifty Advance Decline Ratio at 37:13 and Nifty Rollover Cost is @23839 closed above it.
Nifty Gann Monthly Trade level :22812 close above it.
Nifty closed above its 20SMA @23246 Trend is Buy on Dips.
Nifty options chain shows that the maximum pain point is at 24000 and the put-call ratio (PCR) is at 1.2 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 24100 strike, followed by 24200 strikes. On the put side, the highest OI is at the 23900 strike, followed by 23700 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 23800-24200 levels.
In the cash segment, Foreign Institutional Investors (FII) bought 7658 crores, while Domestic Institutional Investors (DII) sold 3605 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 21146-21775-22404-23071-23737 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.
If a trader is confused about what he is doing, the probable win ratio is zero and he might as well give up trading.
For Positional Traders, The Nifty Futures’ Trend Change Level is At 24121. 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 24041 , Which Acts As An Intraday Trend Change Level.
Nifty Intraday Trading Levels
Buy Above 24088 Tgt 24127, 24163 and 24201 ( Nifty Spot Levels)
Sell Below 24036 Tgt 24000, 23963 and 23929 (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.