Finance Nifty formed an Outside Bar candle today, with the price still trading within the range of the large candle from November 5. Strong consolidation is ongoing in Finance Nifty, as the price has once again bounced from the 1×1 Gann angle. Today, we have inflation data expected to be on the higher side, around 5.80. Additionally, there are three important astro events today that could lead to intraday volatility. As long as bulls hold the 23,858 level, the price could rally towards 24,150.
Important Astro Events:
- Moon Conjunct North Node — The North Node, also known as Rahu, often brings volatility.
- Bayer Rule 14: “Venus movements in geocentric longitude using a unit of 1°9’13”.”
- Rule No. 38: Mercury Latitude Heliocentric — “Significant tops and bottoms are often produced when Mercury, in this motion, passes certain degrees.”
Intraday traders can watch the first 15 minutes’ high and low to capture the trend for the day.
Finance Nifty Trade Plan for Positional Trade ,Bulls will get active above 23960 for a move towards 24035/24112/24190 . Bears will get active below 23881 for a move towards 23804/23727.
Traders may watch out for potential intraday reversals at 09:29,10:57,12:44,02:25 How to Find and Trade Intraday Reversal Times
Finance Nifty September Futures Open Interest Volume stood at 67450 with addition of 1775 contracts. Additionally, the increase in Cost of Carry implies that there was a liquidation of LONG positions today.
Finance Nifty Advance Decline Ratio at 09:10, Finance Nifty Rollover Cost is @23628 closed above it
Finance Nifty Gann Monthly Trade level :23858 close above it.
Finance Nifty closed above 20 SMA, Trend is Buy on Dips till above 23607.
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 24000 strike, followed by the 24100 strike. On the put side, the 23900 strike has the highest OI, followed by the 23800 strike. This indicates that market participants anticipate Finance Nifty to stay within the 23800-24100 range.
The Finance Nifty options chain shows that the maximum pain point is at 24000 and the put-call ratio (PCR) is at 0.90. Typically, when the PCR open interest ranges between 0.90 and 1.05, the market tends to remain range-bound.
To create money management, position size calculation or the elaboration of a profitable set of rules. All of these very useful tools are of little help if you are not able to use them in a disciplined manner
For Positional Traders, The Finance Nifty Futures’ Trend Change Level is At 24097. 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 24058 , Which Acts As An Intraday Trend Change Level.
FIN Nifty Expiry Range
Upper End of Expiry : 24138
Lower End of Expiry : 23781
FIN Nifty Intraday Trading Levels
Buy Above 23960 Tgt 24000, 24044 and 24088 ( FIN Nifty Spot Levels)
Sell Below 23920 Tgt 23885, 23840 and 23800 (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.