Foreign Institutional Investors (FIIs) displayed a Bearish approach in the Nifty Index Futures market by Shorting 17460 contracts worth ₹1064 crores, resulting in a increase of 13662 contracts in the net open interest. FIIs added 511 long contracts and added 19204 short contracts, indicating a preference for adding long positions and adding short positions. With a net FII long-short ratio of 0.29, FIIs utilized the market fall to enter long positions and enter short positions in Nifty futures. Clients added 27707 long contracts and added 1928 short contracts. FII are holding 25 % Long and 75 % Shorts in Index Futures and Clients are holding 67 % Long and 33 % Shorts in Index Futures.
Nifty continued its upmove, driven by the confluence of Gann and astro cycles, along with Trump becoming the president. Now, another important factor, Bayer Rule 2, states: “The trend goes down within 3 days when the speed difference between Mars and Mercury is 59 minutes, leading to a big move.” This will come into effect today, so bulls need to hold 24,270 in any dip that occurs.
The Federal Reserve’s November 2024 meeting results will be announced tomorrow night, which could lead to another significant gap opening on Friday. Bulls need a close above 24,500 to maintain momentum, while bears gain control below 24,270.
Nifty experienced the impact of Bayer Rule 2: “Trend goes down within 3 days when the speed difference between Mars and Mercury is 59 minutes, leading to a big move,” with the price retracing the entire move from yesterday. Nifty has been very volatile in recent sessions, with an up day often followed by a full retracement. For traders, this market can be challenging as it requires a high degree of flexibility, which many struggle to maintain.
Tomorrow, we have the weekly close, and both bulls and bears will be fighting hard for the 24,316 level to form a weekly doji, potentially leading to a trending move next week as Venus and Saturn form significant astrological aspects. Today’s FOMC announcement could result in a gap opening tomorrow. A clear trend is likely to emerge with a close above 24,500 favoring the bulls or below 24,150 favoring the bears.
Nifty Trade Plan for Positional Trade ,Bulls will get active above 24224 for a move towards 24302/24381/24459. Bears will get active below 24146 for a move towards 24067/23989/23911.
Traders may watch out for potential intraday reversals at 09:38,11:44,12:35,1:00,02:43 How to Find and Trade Intraday Reversal Times
Nifty Sep Futures Open Interest Volume stood at 1.14 lakh cr , witnessing a addition of 3.3 Lakh contracts. Additionally, the increase in Cost of Carry implies that there was closure of LONG positions today.
Nifty Advance Decline Ratio at 05:45 and Nifty Rollover Cost is @25178 closed below it.
Nifty Gann Monthly Trade level :25343 close below it.
Nifty closed Below its 100 SMA@24560 Trend is Sell on Rise till below 24270.
Nifty options chain shows that the maximum pain point is at 24200 and the put-call ratio (PCR) is at 0.88Typically, 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 24300 strike, followed by 24500 strikes. On the put side, the highest OI is at the 24100 strike, followed by 24000 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 24100-24400 levels.
In the cash segment, Foreign Institutional Investors (FII) sold 4888 crores, while Domestic Institutional Investors (DII) bought 1786 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 23889-24600-25310-26063-26816 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.
You can’t Trade successfully when your brain is not in the mental mechanisms trained for trading. Your brain needs appropriate thinking as well first learn new ways of trading.
For Positional Traders, The Nifty Futures’ Trend Change Level is At 24302. 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 24368, Which Acts As An Intraday Trend Change Level.
Nifty Intraday Trading Levels
Buy Above 24250 Tgt 24290, 24341 and 24400 ( Nifty Spot Levels)
Sell Below 24200 Tgt 24166, 24108 and 24056 ( 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.
Excellent analysis and detailed information.