Foreign Institutional Investors (FIIs) displayed a bearish approach in the Nifty Index Futures market by shorting 15281 contracts worth ₹926 crores. This resulted in a increase of 74975 contracts in the net open interest.
FIIs added 14871 long contracts and added 27730 short contracts, indicating a preference for building long positions while building short positions. With a net FII long-short ratio of 0.33, it is evident that FIIs utilized the market rise to enter their long positions and increase their short exposure in Nifty futures.
On the other hand, Clients covered 12820 long contracts and 15579 short contracts, reflecting some unwinding activity in both directions.
Current Positioning:
- FIIs: Holding 35% long and 65% short positions in Index Futures.
- Clients: Holding 65% long and 35% short positions in Index Futures.
This data highlights a cautious and bearish stance by FIIs, while clients remain relatively more optimistic with a higher percentage of long positions.
Nifty faced rejection for the second time from the SAP and Monthly Gann TC confluence level of 24,201-24,270. The high made at the open was 24,343, but the price witnessed a quick decline. Despite this, Nifty showed some resilience by holding and closing above the previous day’s low.
With Mercury Retrograde beginning today, traders should carefully watch these levels:
- Long Positions: Above 24,343, targeting a move of 150-212 points upward.
- Short Positions: Below 24,125, which could trigger a decline of 150-212 points downward.
Caution is advised, and traders should closely monitor these levels during tomorrow’s session to make informed decisions.
The Typical Day of an Intraday Trader: A Tale of Emotions and Lessons
Nifty was rejected for the fourth time from the SAP and Gann Annual TC confluence level of 52,348-52,434. The high made at the open was 52,555, but the price saw a quick decline. Despite this, Bank Nifty managed to hold and close above the previous day’s low, showing some resilience.
Tomorrow marks the Monthly Expiry, and the last expiry was at 24340, while today’s close is at 24274. This indicates that the price has only moved 75 points since the last expiry. As the price is closing above 24340, the bears have a slight edge heading into tomorrow.
With Mercury Retrograde and price has also formed Inside Bar pattern, traders should carefully watch these levels:
- Long Positions: Above 24,343, targeting a move of 150-212 points upward.
- Short Positions: Below 24,125, which could trigger a decline of 150-212 points downward.
Caution is advised, and traders should closely monitor these levels during tomorrow’s session to make informed decisions.
Nifty Trade Plan for Positional Trade ,Bulls will get active above 24290 for a move towards 24368/24446/24523. Bears will get active below 24117 for a move towards 24039/23961/23883.
Traders may watch out for potential intraday reversals at 10:02,11:15,01:32,02:42 How to Find and Trade Intraday Reversal Times
Nifty Nov Futures Open Interest Volume stood at 0.62 lakh cr , witnessing a liquidation of 17.8 Lakh contracts. Additionally, the increase in Cost of Carry implies that there was covering of SHORT positions today.
Nifty Advance Decline Ratio at 26:24 and Nifty Rollover Cost is @25178 closed below it.
Nifty Gann Monthly Trade level :24201 close above it.
Nifty has closed above its 20 SMA @ 24026 Trend is Buy on Dips till above 24000.
Nifty options chain shows that the maximum pain point is at 24300 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 24000 strike, followed by 23800 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 24200-24500 levels.
In the cash segment, Foreign Institutional Investors (FII) bought 7 crores, while Domestic Institutional Investors (DII) bought 1301 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.
A professional trader isolates himself from the herd and has trained himself to become a predator rather than a victim. He understands and recognizes principles that drive the markets and refuses to be misled by good or bad news, tips, advice, brokers advice and well-meaning friends. When the market is being shaken-out on bad news he is in there buying. When the Herd is buying and the news is good he is looking to sell.
For Positional Traders, The Nifty Futures’ Trend Change Level is At 24048 . 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 24276, Which Acts As An Intraday Trend Change Level.
Nifty Expiry Range
Upper End of Expiry : 24460
Lower End of Expiry : 24089
Nifty Intraday Trading Levels
Buy Above 24300 Tgt 24343, 24385 and 24444 ( BANK Nifty Spot Levels)
Sell Below 24250 Tgt 24212, 24166 and 24133 (BANK 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.