Finance Nifty made a top on 26th September at 25,201 and has since dipped to 24,459, a correction of 742 points in just two trading sessions. We discussed the possibility of this move as per Bayer’s Rule, which was covered in the video below. Yesterday, we saw a Sun conjunct Mercury aspect, and tomorrow we have a trading holiday, along with a Double Lunar date. This suggests a likely gap opening on Thursday, so it’s advisable to carry overnight positions with proper hedging.
SEBI has not changed any framework regarding F&O, so that event is out of the way. The 24,389 level is an important Gann level that bulls need to hold for a bullish October. There’s a saying: “Sell off on the 1st day of expiry, and if the low holds, it often leads to a bullish expiry.” Any close below 24,389 will give the bears the upper hand.
Finance Nifty Trade Plan for Positional Trade ,Bulls will get active above 24536 for a move towards 24614/24693/24772 . Bears will get active below 24457 for a move towards 24378/24299/24220.
Traders may watch out for potential intraday reversals at 09:17,11:23,01:06,02:04 How to Find and Trade Intraday Reversal Times
Finance Nifty September Futures Open Interest Volume stood at 89175 with liquidation of 8450 contracts. Additionally, the increase in Cost of Carry implies that there was a liquidation of LONG positions today.
Finance Nifty Advance Decline Ratio at 1:18, Finance Nifty Rollover Cost is @23628 closed above it
Finance Nifty Gann Monthly Trade level :24389 close above it.
Finance Nifty closed above 20 SMA, Trend is Buy on Dips till above 24389.
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 23648-24331-25055-25778. 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 24500 strike, followed by the 24600 strike. On the put side, the 24300 strike has the highest OI, followed by the 24200 strike. This indicates that market participants anticipate Finance Nifty to stay within the 24300-24600 range.
The Finance Nifty options chain shows that the maximum pain point is at 24450 and the put-call ratio (PCR) is at 0.75. Typically, when the PCR open interest ranges between 0.90 and 1.05, the market tends to remain range-bound.
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For Positional Traders, The Finance Nifty Futures’ Trend Change Level is At 25006. 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 24770, Which Acts As An Intraday Trend Change Level.
FIN Nifty Expiry Range
Upper End of Expiry : 24643
Lower End of Expiry : 24316
FIN Nifty Intraday Trading Levels
Buy Above 24540 Tgt 24575, 24600 and 24643 ( FIN Nifty Spot Levels)
Sell Below 24460 Tgt 24424, 24400 and 24366 (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.