Foreign Institutional Investors (FIIs) displayed a Bearish approach in the Nifty Index Futures market by Shorting 7964 contracts worth ₹ 467 crores, resulting in a increase of 4060 contracts in the net open interest. FIIs added 94 long contracts and added 9618 short contracts, indicating a preference for adding long positions and adding short positions. With a net FII long-short ratio of 0.28, FIIs utilized the market fall to enter long positions and enter short positions in Nifty futures. Clients added 7169 long contracts and added 11354 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 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 saw a decline due to the Adani News, but the price managed to close at the Pre-Exit Poll high. With the Sun entering Sagittarius, a bullish zodiac sign, the bulls may attempt a comeback today. Since today marks the weekly close, the bulls will aim to close within the 23,575-23,605 range.
The 25th is a critical astro date, so it is advisable to carry overnight positions with proper hedging. Keep an eye on Reliance stock—a move above 1,235 could trigger significant short covering.
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Nifty Trade Plan for Positional Trade ,Bulls will get active above 23491 for a move towards 23568/23644/23720. Bears will get active below 23472 for a move towards 23395/23318/23240/23163.
Traders may watch out for potential intraday reversals at 09:56,11:20,12:32,01:51,02:21 How to Find and Trade Intraday Reversal Times
Nifty Nov Futures Open Interest Volume stood at 1.12 lakh cr , witnessing a liquidation of 2.6 Lakh contracts. Additionally, the increase in Cost of Carry implies that there was covering of SHORT positions today.
Nifty Advance Decline Ratio at 15:35 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 @ 23565 Trend is Sell on Rise till below 23777.
Nifty options chain shows that the maximum pain point is at 23500 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 23600 strikes. On the put side, the highest OI is at the 23400 strike, followed by 23300 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 23400-22600 levels.
In the cash segment, Foreign Institutional Investors (FII) sold 5320 crores, while Domestic Institutional Investors (DII) bought 4200 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 23591 . 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 23356, Which Acts As An Intraday Trend Change Level.
Nifty Intraday Trading Levels
Buy Above 23555 Tgt 23610, 23666 and 23729 ( Nifty Spot Levels)
Sell Below 23472 Tgt 23424, 23385 and 23323( 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.