Foreign Institutional Investors (FIIs) displayed a Bullish approach in the Nifty Index Futures market by Buying 53149 contracts worth ₹3346 crores, resulting in a decrease of 44872 contracts in the net open interest. FIIs added 15616 long contracts and covered 60362 short contracts, indicating a preference for adding long positions and covering short positions. With a net FII long-short ratio of 1.09 , FIIs utilized the market rise to enter long positions and exit short positions in Nifty futures. Clients covered 40074 long contracts and added 33247 short contracts.
Nifty continued its rise for nine days in a row and reached a fresh all-time high today. Tomorrow marks the end of Mercury Retrograde and Venus is also changing houses, suggesting a highly significant astrological date. Nifty has formed an Outside Bar pattern today, indicating that we may experience a volatile ride in the next two trading sessions. The market has been rising on Weak Breadth in the last two sessions. As long as Bulls are holding above 24,950, they will have the upper hand. Additionally, Reliance’s AGM, starting at 2 PM tomorrow, may create volatility in the final hour. For intraday traders, the high and low of the first 15 minutes will guide the day’s trading
Price continue to move higher with Nifty rising for 12 days in a row. Record of its kind. Till Bulls are holding 25078 price can rally towards 25300.
Nifty Trade Plan for Positional Trade ,Bulls will get active above 25190 for a move towards 25269/25347/25426. Bears will get active below 25111 for a move towards 25032/24953
Traders may watch out for potential intraday reversals at 09:45,11:12,12:38,02:03,02:49 How to Find and Trade Intraday Reversal Times
Nifty Sep Futures Open Interest Volume stood at 0.41 lakh cr , witnessing a liquidation of 21.9 Lakh contracts. Additionally, the increase in Cost of Carry implies that there was a closure of LONG positions today.
Nifty Advance Decline Ratio at 30:29 and Nifty Rollover Cost is @24503 closed below it.
Nifty Gann Monthly Trade level :24592 close above it.
Nifty closed above its 20SMA @24599 Trend is Buy on Dips till above 24592
Nifty options chain shows that the maximum pain point is at 25200 and the put-call ratio (PCR) is at 1.12 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 25200 strike, followed by 25300 strikes. On the put side, the highest OI is at the 25100 strike, followed by 25000 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 25100-25300 levels.
In the cash segment, Foreign Institutional Investors (FII) bought 3259 crores, while Domestic Institutional Investors (DII) bought 2690 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 Mental Toughness is going to be the key to whether you make it or break it as a trader. I know of two MAJOR things that you can do to develop your Mental Toughness for trading. The first is to keep a journal.
For Positional Traders, The Nifty Futures’ Trend Change Level is At 25225 . 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 25225 , Which Acts As An Intraday Trend Change Level.
Nifty Intraday Trading Levels
Buy Above 25250 Tgt 25290, 25323 and 25385 ( Nifty Spot Levels)
Sell Below 25200 Tgt 25166, 25133 and 25100 (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.