Foreign Institutional Investors (FIIs) displayed a Bearish approach in the Nifty Index Futures market by Shorting 148 contracts worth ₹9 crores, resulting in a decrease of 7230 contracts in the net open interest. FIIs added 1879 long contracts and covered 24476 short contracts, indicating a preference for adding long positions and covering short positions. With a net FII long-short ratio of 0.31 , FIIs utilized the market fall to enter long positions and exit short positions in Nifty futures. Clients covered 31231 long contracts and covered 20242 short contracts. FII are holding 26 % Long and 74 % Shorts in Index Futures and Clients are holding 69 % Long and 31 % Shorts in Index Futures.
Nifty closed below its 200 DMA today, finding support at the Exit Poll high of 23,338. The low for the day was 23,350, which indicates a breakout retest pattern.
Tomorrow brings significant astrological events, including Mercury Declination and Mercury Opposition Jupiter, both of which have historically led to trend changes, as discussed in the video below. These events could inject volatility and spark directional movement.
For tomorrow, the first 15 minutes’ high and low will be critical for intraday traders to capture the market trend.
Additionally, with Wednesday being a trading holiday, traders are advised to take overnight positions tomorrow with appropriate hedging strategies to manage risks.
Nifty rallied as expected, but the Gann level of 23,777 proved to be a hurdle for the bulls. The high made was 23,780, after which we saw a significant decline in the last 30 minutes. Since yesterday was the final day of the weekly expiry, FIIs likely exited the remaining positions they had bought to manage the weekly expiry.
Tomorrow, we have two important events: Sun Ingress and Bayer Rule 15: Venus Heliocentric Latitude at Extreme and Least Speeds for Major Moves, the significance of which is discussed in the video below. These events could result in heightened volatility.
For intraday traders, the first 15 minutes’ high and low will be critical to capture the trend for the day. Bulls need to break above 23,777 to trigger an explosive upmove toward 24,000. PSU stocks should be kept on the radar for potential movement.
Nifty Trade Plan for Positional Trade ,Bulls will get active above 23656 for a move towards 23732/23808/23885. Bears will get active below 23579 for a move towards 23503/23426/23350.
Traders may watch out for potential intraday reversals at 10:23,11:52,12:22,01:45,02:25 How to Find and Trade Intraday Reversal Times
Nifty Nov Futures Open Interest Volume stood at 1.14 lakh cr , witnessing a liquidation of 6.3 Lakh contracts. Additionally, the increase in Cost of Carry implies that there was covering of SHORT positions today.
Nifty Advance Decline Ratio at 25:23 and Nifty Rollover Cost is @25178 closed below it.
Nifty Gann Monthly Trade level :24201 close below it.
Nifty has closed below its 200 SMA @ 23557 Trend is Sell on Rise till below 23777.
Nifty options chain shows that the maximum pain point is at 23600 and the put-call ratio (PCR) is at 0.85 Typically, 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 23500 strike, followed by 23700 strikes. On the put side, the highest OI is at the 23400 strike, followed by 23200 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 23200-23700 levels.
In the cash segment, Foreign Institutional Investors (FII) sold 3411 crores, while Domestic Institutional Investors (DII) bought 2783 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 23408-24105-24801 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 23742 . 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 23689, Which Acts As An Intraday Trend Change Level.
Nifty Expiry Range
Upper End of Expiry : 23874
Lower End of Expiry : 23485
Nifty Intraday Trading Levels
Buy Above 23622 Tgt 23666, 23711 and 23777 ( Nifty Spot Levels)
Sell Below 23588 Tgt 23550, 23512 and 23464 ( 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.