Foreign Institutional Investors (FIIs) displayed a Bullish approach in the Nifty Index Futures market by Buying 650 contracts worth ₹41 crores, resulting in a increase of 1336 contracts in the net open interest. FIIs added 928 long contracts and covered 3213 short contracts, indicating a preference for adding long positions and covering short positions. With a net FII long-short ratio of 1.79 , FIIs utilized the market rise to enter long positions and exit short positions in Nifty futures. Clients covered 12849 long contracts and covered 1630 short contracts.
Nifty made a fresh all-time high today. The indication came in the morning as the price was sustaining above 24,957, the Mercury Ingress high. The low made today was 24,941, so bulls got an entry, leading to an explosive move. As discussed earlier, Mercury in its own house often leads to big moves. Now, bulls need to hold the 25,300-25,333 range for the upmove to continue towards 25,555/25,729. Bears only have a chance below 25,286. Today’s rise was backed by cash buying as Nifty Futures traded at a discount, so bulls need to hold the 25,300 range for the fresh upmove to continue.
Nifty continued its rally to the upside, making a fresh all-time high It formed an NR7 pattern ahead of the US Fed rate cut decision and one of the most important astrological events of the year, the Lunar Eclipse.
Nifty Bulls need to hold 25310 Musical Octave level in the next two trading sessions for rally to continue towards 25555/25729. Trade cautiously, as Lunar Eclipses have historically caused trend reversals.
Nifty Trade Plan for Positional Trade ,Bulls will get active above 25444 for a move towards 25524/25603/25682. Bears will get active below 25286 for a move towards 25027/25127/25066.
Traders may watch out for potential intraday reversals at 09:37,11:48,12:44,02:13 How to Find and Trade Intraday Reversal Times
Nifty Sep Futures Open Interest Volume stood at 1.39 lakh cr , witnessing a liquidation of 4.2 Lakh contracts. Additionally, the increase in Cost of Carry implies that there was a covering of SHORT positions today.
Nifty Advance Decline Ratio at 25:25 and Nifty Rollover Cost is @25178 closed above it.
Nifty Gann Monthly Trade level :25089 close above it.
Nifty closed above its 20SMA @25044 Trend is Buy on Dips till above 25089
Nifty options chain shows that the maximum pain point is at 25400 and the put-call ratio (PCR) is at 1.12Typically, 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 25400 strike, followed by 25500 strikes. On the put side, the highest OI is at the 25200 strike, followed by 25100 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 25200-25500 levels.
In the cash segment, Foreign Institutional Investors (FII) sold 1634 crores, while Domestic Institutional Investors (DII) bought 754 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 23889-24600-25310-26063 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.
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For Positional Traders, The Nifty Futures’ Trend Change Level is At 25215. 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 25433, Which Acts As An Intraday Trend Change Level.
Nifty Intraday Trading Levels
Buy Above 25400 Tgt 25444, 25488 and 25529 ( Nifty Spot Levels)
Sell Below 25321 Tgt 25285, 25241 and 25208 (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.