Foreign Institutional Investors (FIIs) displayed a BUllish approach in the Nifty Index Futures market by Buying 2599 contracts worth ₹157 crores, resulting in a decrease of 731 contracts in the net open interest. FIIs added 27422 long contracts and coverd 4420 short contracts, indicating a preference for adding long positions and covering of short positions. With a net FII long-short ratio of 4.4 , FIIs utilized the market rise to enter long positions and exit short positions in Nifty futures. Clients covered 5983 long contracts and added 20057 short contracts.
Nifty made a fresh all time high today and made a perfect O=H on a day where we have multiple astro dates as discussed in below video, 24228 needs to be crossed in next 2-3 trading sessions, if not we might have formed a short term top which would be confirmed on close below 24000.
NIfty made a fresh all time high today with HDFC Bank hitting all time high, Last year 03 JUl HDFC BANK made an 52 Week high and same cycle repeated again today with price making a fresh 52 week high. Break of 1760 can lead to price back to 1729 in HDFC BANK. Price is heading to 1×1 Gann angle resistance zone @24389. Earth at Aphelion today so first 15 mins HIgh and Low will guide for the day.
Nifty Trade Plan for Positional Trade ,Bulls will get active above 24366 for a move towards 24444/24521. Bears will get active below 24289 for a move towards 24211/24134/24056
Traders may watch out for potential intraday reversals at 0:15,11:07,01:14,02:04,02:51 How to Find and Trade Intraday Reversal Times
Nifty June Futures Open Interest Volume stood at 1.47 lakh cr , witnessing a addition of 0.13 Lakh contracts. Additionally, the increase in Cost of Carry implies that there was a addition of LONG positions today.
Nifty Advance Decline Ratio at 40:10 and Nifty Rollover Cost is @23839 closed above it.
Nifty Gann Monthly Trade level :23993 close above it.
Nifty closed above its 20SMA @23486 Trend is Buy on Dips.
Nifty options chain shows that the maximum pain point is at 24200 and the put-call ratio (PCR) is at 01.2 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 24300 strike, followed by 24400 strikes. On the put side, the highest OI is at the 24200 strike, followed by 24100 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 24200-24400 levels.
In the cash segment, Foreign Institutional Investors (FII) bought 5483 crores, while Domestic Institutional Investors (DII) sold 924 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 24184. 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 24332, Which Acts As An Intraday Trend Change Level.
Nifty Expiry Range
Upper End of Expiry : 245511
Lower End of Expiry : 24174
Nifty Intraday Trading Levels
Buy Above 24343 Tgt 23389, 24424 and 24466 ( Nifty Spot Levels)
Sell Below 24250 Tgt 24225, 24200 and 24174 (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.