Mercury Ingress : 02 July 2024 Trade Plan

By | July 2, 2024 9:11 am

Foreign Institutional Investors (FIIs) displayed a Barish approach in the Nifty Index Futures market by Shorting 2765 contracts worth ₹165 crores, resulting in a decrease of 1949 contracts in the net open interest. FIIs added 3122  long contracts and covered 68 short contracts, indicating a preference for adding long positions and covering of short positions. With a net FII long-short ratio of 1.59 , FIIs utilized the market rise to enter long positions and exit short positions in Nifty futures. Clients added 19658 long contracts and added 21433 short contracts.

As Discuused in Last Analysis

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.

Mercury Ingress and Neptune Retrograde (Neptune is considered as the planet of speculation in financial astrology.) today and “Bayer Rule 2: Trend goes down within 3 days when the speed difference between Mars and Mercury is 59 minutes. Leads to Big Move ” all coming together today suggesting we are in for a volatile ride today.

Nifty Trade Plan for Positional Trade ,Bulls will get active above 24191 for a move towards 24268/23345/24422. Bears will get active below 24114  for a move towards 24036/23959

Traders may watch out for potential intraday reversals at 09:15,10:21,11:56,01:58,02:28  How to Find and Trade Intraday Reversal Times

Nifty June Futures Open Interest Volume stood at 1.45 lakh cr , witnessing a addition of 4.3  Lakh  contracts. Additionally, the increase in Cost of Carry implies that there was a addition of LONG positions today.

Nifty Advance Decline Ratio at 33:17 and Nifty Rollover Cost is @23839 closed above it.

Nifty Gann Monthly  Trade level :23993 close  above  it.

Nifty closed above its 20SMA @23361 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) sold 426 crores, while Domestic Institutional Investors (DII) bought 3917  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 23889-24600-25310 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 24128. 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 24168, Which Acts As An Intraday Trend Change Level.

Nifty Intraday Trading Levels

Buy Above 24166 Tgt 24199, 24244  and 24300 ( Nifty Spot Levels)

Sell Below 24120 Tgt 24078, 24024  and 24000 (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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