Foreign Institutional Investors (FIIs) displayed a Bullish approach in the Nifty Index Futures market by Buying 5357 contracts worth ₹323 crores, resulting in a decrease of 6851 contracts in the net open interest. FIIs covered 82 long contracts and added 9229 short contracts, indicating a preference for covering long positions and adding short positions. With a net FII long-short ratio of 1.05, FIIs utilized the market fall to exit long positions and add short positions in Nifty futures. Clients covered 3505 long contracts and covered 9229 short contracts.
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 is expected to open with a gap up today based on global cues. However, the key question is whether the gap will sustain, given the influence of the Mars Square Saturn aspect and the impact of ‘Rule No. 38: Mercury Latitude Heliocentric.’ This rule suggests that significant tops and bottoms are often produced when Mercury, in this motion, passes specific degrees. Mars, the planet of energy, combined with Saturn, which typically depresses prices, and the fact that Mercury and Earth are at their minimum distance, indicates that the combined effects of Mercury, Mars, and Saturn will likely result in a volatile market move today. The trend for the day will likely be determined by the first 15 minutes’ high and low. It is advisable to carry overnight positions with a hedge, as significant astrological changes are expected over the weekend. Price is currently near 49,700, which is the 50% retracement level, suggesting that we could see a move of 555 points in Nifty over the next 2-3 trading sessions.
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 09:51,12:55,01:56,02:35 How to Find and Trade Intraday Reversal Times
Nifty Aug Futures Open Interest Volume stood at 1.15 lakh cr , witnessing a liquidation of 4.6 Lakh contracts. Additionally, the increase in Cost of Carry implies that there was a covering of SHORT positions today.
Nifty Advance Decline Ratio at 23:27 and Nifty Rollover Cost is @24503 closed below it.
Nifty Gann Monthly Trade level :24592 close below it.
Nifty closed below its 20SMA @24496 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 1.34 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 2595 crores, while Domestic Institutional Investors (DII) bought 2236 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 24535 . 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 24175 , Which Acts As An Intraday Trend Change Level.
Nifty Intraday Trading Levels
Buy Above 24238 Tgt 24280, 24312 and 24343 ( Nifty Spot Levels)
Sell Below 24166 Tgt 24133, 24100 and 24050 (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.