Finance Nifty broke out of the NR21 pattern, and the price continued to move higher. The last monthly expiry was at 23,049, and we are now trading almost 300 points above that level, even after the decline observed on August 5th. Bulls have the upper hand as long as 23,250 is held, with potential targets at 23,555-23,607. With the Moon conjunct Mars tomorrow, the first 15 minutes’ high and low will be crucial for guiding traders throughout the day.
Finance Nifty Trade Plan for Positional Trade ,Bulls will get active above 23400 for a move towards 23467/23543/23620 . Bears will get active below 23315 for a move towards 23239/23163.
Traders may watch out for potential intraday reversals at 09:59,12:48,01:53,02:26 How to Find and Trade Intraday Reversal Times
Finance Nifty June Futures Open Interest Volume stood at 65700 with addition of 8450 contracts. Additionally, the increase in Cost of Carry implies that there was a addition of LONG positions today.
Finance Nifty Advance Decline Ratio at 14:05, Finance Nifty Rollover Cost is @23143 closed above it
Finance Nifty Gann Monthly Trade level :23123 close above it.
Finance Nifty closed below 20 SMA, Trend is Buy on Dips till above 23144.
Traders who follow the musical octave trading path may find valuable insights in predicting Bank Nifty’s movements. According to this path, Finance Nifty may follow a path of 22964-23648-24331. This means that traders can take a position and potentially ride the move as Bank 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.
According to the Finance Nifty options chain, the call side has the highest open interest (OI) at the 23400 strike, followed by the 23500 strike. On the put side, the 23200 strike has the highest OI, followed by the 23100 strike. This indicates that market participants anticipate Finance Nifty to stay within the 23200-23400 range.
The Finance Nifty options chain shows that the maximum pain point is at 23400 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.
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 Finance Nifty Futures’ Trend Change Level is At 23073. 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 23408, Which Acts As An Intraday Trend Change Level.
FIN Nifty Expiry Range
Upper End of Expiry : 23554
Lower End of Expiry : 23217
FIN Nifty Intraday Trading Levels
Buy Above 23400 Tgt 23424, 23454 and 23488 ( FIN Nifty Spot Levels)
Sell Below 23360 Tgt 23333, 23300 and 23270 (FIN 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.