Foreign Institutional Investors (FIIs) displayed a Bearish approach in the Nifty Index Futures market by Shorting 50430 contracts worth ₹3050 crores, resulting in a decrease of 13820 contracts in the net open interest. FIIs covered 31940 long contracts and added 17148 short contracts, indicating a preference for covering long positions and adding short positions. With a net FII long-short ratio of 1.76, FIIs utilized the market fall to exit long positions and add short positions in Nifty futures. Clients added 20677 long contracts and covered 20754 short contracts.
We have seen the impact of Mercury’s speed retrograde and the double ingress of Venus and Mercury, as discussed in the video below, on Nifty.
Nifty will be completing 45 days on 08 August from the 04 June low. According to Gann studies, 45 days are very significant. We also have “Bayer Rule 2: Trend goes down within 3 days when the speed difference between Mars and Mercury is 59 minutes, leading to a big move,” and the aspect of Venus conjunct Mercury, which is very significant for short-term swing trading. This confluence of Gann and astro cycles suggests we might see a big move today. The first 15 minutes’ high and low will guide the trend for the day.
Nifty has formed an Outside Bar candle on a day when both the Gann 45-day cycle and Bayer’s Rule are converging. Tomorrow, we are expected to open with a gap up, continuing the alternating pattern of gap ups and gap downs since Monday. Bulls need a close above 24,343 to push for an upmove towards 24,512. On the other hand, bears need a close below 24,285. With tomorrow being a weekly close, 24,302 would be an ideal level for the market to settle at.
Nifty Trade Plan for Positional Trade ,Bulls will get active above 24304 for a move towards 24382/24444/24512. Bears will get active below 24148 for a move towards 24070/23992/23914
Traders may watch out for potential intraday reversals at 10:02,12:33,01:51,02:57 How to Find and Trade Intraday Reversal Times
Nifty Aug Futures Open Interest Volume stood at 1.27 lakh cr , witnessing a liquidation of 7 Lakh contracts. Additionally, the increase in Cost of Carry implies that there was a closure of LONG positions today.
Nifty Advance Decline Ratio at 12:38 and Nifty Rollover Cost is @24503 closed below it.
Nifty Gann Monthly Trade level :24270 close above it.
Nifty closed below its 20SMA @24531 Trend is Sell on Rise.
Nifty options chain shows that the maximum pain point is at 24200 and the put-call ratio (PCR) is at 0.95Typically, 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 24100 strike, followed by 24000 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 24000-24400 levels.
In the cash segment, Foreign Institutional Investors (FII) sold 2626 crores, while Domestic Institutional Investors (DII) bought 577 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.
Your losing trades do not diminish you as a person. You are not your losing trades. You are also not your winning trades either. They are simply by-products of the business that you’re in.
For Positional Traders, The Nifty Futures’ Trend Change Level is At 24619 . 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 24215 , Which Acts As An Intraday Trend Change Level.
Nifty Intraday Trading Levels
Buy Above 24266 Tgt 24299, 24323 and 24385 ( Nifty Spot Levels)
Sell Below 24200 Tgt 24166, 24133 and 24085 (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.