Foreign Institutional Investors (FIIs) displayed a Bearish approach in the Nifty Index Futures market by Shorting 19485 contracts worth ₹1186 crores, resulting in a increase of 2405 contracts in the net open interest. FIIs covered 5116 long contracts and added 31175 short contracts, indicating a preference for covering long positions and adding short positions. With a net FII long-short ratio of 1.2 , FIIs utilized the market fall to exit long positions and add short positions in Nifty futures. Clients added 53641 long contracts and covered 22420 short contracts.
Nifty is struggling to close above its last week’s high of 24382 and the Gann monthly trend change level of 24592 . Today, we have Mercury Ingress as retrograde Mercury moves into the Leo zodiac sign. Leo, being a fire sign, suggests that a trending move is possible within the next two days. Since Mercury is a short-term planet, it is likely to cause a short-term trend change. For intraday trades, keep an eye on the first 15 minutes’ high and low to capture the trend for the day.
Wednesday will now be the weekly expiry for both Nifty and Bank Nifty, as Thursday will be a market holiday in observance of Independence Day and the Parsi New Year.
We got the big move as expected, partly due to HDFC Bank, as MSCI decided to increase its weight in two tranches—the first one now and the second in November, subject to compliance with the foreign headroom limit.
Nifty is currently near Budget day low of 24074, Any break of 24050 can lead to quick fall towards 23900 . Tomorrow, the U.S. CPI data will be released, likely leading to a gap opening on Friday. It’s advisable to carry overnight positions with a hedge. Also, tomorrow Mars and Jupiter will conjunct, and since Mars is the planet of energy, it could lead to another trending move.
Nifty Trade Plan for Positional Trade ,Bulls will get active above 24238 for a move towards 24316/24394/24472. Bears will get active below 24070 for a move towards 24003/23925/23847
Traders may watch out for potential intraday reversals at 09:15,12:14,01:25,02:22 How to Find and Trade Intraday Reversal Times
Nifty Aug Futures Open Interest Volume stood at 1.19 lakh cr , witnessing a addition of 2.9 Lakh contracts. Additionally, the increase in Cost of Carry implies that there was a addition of SHORT positions today.
Nifty Advance Decline Ratio at 14:38 and Nifty Rollover Cost is @24503 closed below it.
Nifty Gann Monthly Trade level :24592 close below it.
Nifty closed below its 20SMA @24517 Trend is Sell on Rise.
Nifty options chain shows that the maximum pain point is at 24100 and the put-call ratio (PCR) is at 0.80 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 24200 strike, followed by 24300 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 2107 crores, while Domestic Institutional Investors (DII) bought 1239 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 24560. 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 24252, Which Acts As An Intraday Trend Change Level.
Nifty Expiry Range
Upper End of Expiry : 24343
Lower End of Expiry : 23934
Nifty Intraday Trading Levels
Buy Above 24172 Tgt 24205, 24250 and 24300 ( Nifty Spot Levels)
Sell Below 24108 Tgt 24074, 24004 and 23950 (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.