Finance Nifty has closed above 23,824 (Jupiter Declination High) and 23,802 (Gann Annual TC level). Inflation data came in significantly higher than expected, and HDFC Bank is showing signs of a good reversal. Tomorrow is likely to bring a tough battle between the bulls and bears. The bulls will aim to push above 23,900, while the bears will attempt to break 23,800. This 100-point range will be a key battleground.
Mercury Ingress and Sun Square Mars are two important astro events today. If the market moves above today’s high, we could see an impulsive move towards 24,200 in Finance Nifty.
Finance Nifty Trade Plan for Positional Trade ,Bulls will get active above 23861 for a move towards 23938/24015/24091 . Bears will get active below 23784 for a move towards 23707/23630/23555.
Traders may watch out for potential intraday reversals at 09:47,10:58,11:48,12:57,02:34 How to Find and Trade Intraday Reversal Times
Finance Nifty September Futures Open Interest Volume stood at 113400 with liquidation of 3900 contracts. Additionally, the increase in Cost of Carry implies that there was a liquidation of LONG positions today.
Finance Nifty Advance Decline Ratio at 18:01, Finance Nifty Rollover Cost is @23628 closed above it
Finance Nifty Gann Monthly Trade level :23802 close above it.
Finance Nifty closed ABOVE 50 SMA, Trend is Buy on Dips till above 23802 .
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 23900 strike, followed by the 24000 strike. On the put side, the 23800 strike has the highest OI, followed by the 23700 strike. This indicates that market participants anticipate Finance Nifty to stay within the 23800-24000 range.
The Finance Nifty options chain shows that the maximum pain point is at 23900 and the put-call ratio (PCR) is at 0.95. Typically, when the PCR open interest ranges between 0.90 and 1.05, the market tends to remain range-bound.
The first losses leave the deepest traces. Over time, however, you get used to it and the subsequent losses are no longer perceived with the same intensity, no matter how great they may be. The trader feels indifferent: “Oh, it doesn’t matter whether I lose the money or not!”
For Positional Traders, The Finance Nifty Futures’ Trend Change Level is At 24017 . 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 23932, Which Acts As An Intraday Trend Change Level.
FIN Nifty Expiry Range
Upper End of Expiry : 24019
Lower End of Expiry : 23694
FIN Nifty Intraday Trading Levels
Buy Above 23888 Tgt 23925, 23955 and 24000 ( FIN Nifty Spot Levels)
Sell Below 23824 Tgt 23792, 23759 and 23729 (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.