Foreign Institutional Investors (FIIs) displayed a Bearish approach in the Nifty Index Futures market by Shorting 4554 contracts worth ₹276 crores, resulting in a decrease of 3410 contracts in the net open interest. FIIs covered 7258 long contracts and added 65 short contracts, indicating a preference for covering long positions and adding of short positions. With a net FII long-short ratio of 4.5 , FIIs utilized the market rise to exit long positions and enter short positions in Nifty futures. Clients added 9778 long contracts and coverd 1964 short contracts.
NIfty made a fresh life high and touched the gann angle, and high made was near 24389 suggesting a potential price time squaring which can lead to downmove once price starts trading below 24200.
Nifty formed an Inside Bar Today with price near gann angle resistance zone, Jupiter North Node and Mercury Trine North Node Aspects will bring lot of voaltlity in next 2 trading session.As JUpiter and Mercury are involved so Nifty will have a major Impact. NOrth Node also Rahu is famous for its unpredicatable moves.
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 09:59,11:28,12:42,02:17 How to Find and Trade Intraday Reversal Times
Nifty June Futures Open Interest Volume stood at 1.42 lakh cr , witnessing a addition of 6.7 Lakh contracts. Additionally, the increase in Cost of Carry implies that there was a addition of LONG positions today.
Nifty Advance Decline Ratio at 22:27 and Nifty Rollover Cost is @23839 closed above it.
Nifty Gann Monthly Trade level :23993 close above it.
Nifty closed above its 20SMA @23753 Trend is Buy on Dips.
Nifty options chain shows that the maximum pain point is at 24300 and the put-call ratio (PCR) is at 0.92 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 60 crores, while Domestic Institutional Investors (DII) bought 2866 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 24246. 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 24344 , Which Acts As An Intraday Trend Change Level.
Nifty Intraday Trading Levels
Buy Above 24350 Tgt 24385, 24424 and 24466 ( Nifty Spot Levels)
Sell Below 24290 Tgt 24260, 24212 and 24166 (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.