Bramesh
Foreign Institutional Investors (FIIs) displayed a Bearish approach in the Nifty Index Futures market by Shorting 15762 contracts worth ₹959 crores, resulting in a decrease of 11954 contracts in the net open interest. FIIs closed 27362 long contracts and added 4352 short contracts, indicating a preference for closing long positions and adding of short positions. With a net FII long-short ratio of 5.19 , FIIs utilized the market fall to exit long positions and enter short positions in Nifty futures. Clients added 4832 long contracts and covered 4352 short contracts.
Nifty has formed an Outside Bar, closing below its previous day low for the first time since the June 4 bottom. Today, we had an important Bayer’s Rule event: Bayer Rule 7 states that there are changes in the market when Venus or Mars passes over its Aphelion or Perihelion (Geocentric). Additionally, Venus Ingress is tomorrow, which is discussed in the video below.
Inflation data from the US and India will be released soon, so we expect a gap opening on Friday. It’s advisable to hedge your positions accordingly. Clients covered their shorts in the first dip observed today, which is typical market psychology. As long as 24461 remains unbroken, we may see a decline towards 23900.
Nifty forms an inside bar on Venus ingress day, which is an excellent trade setup for a big move. The price is holding the 24,215 Gann monthly TC level. Nasdaq saw the highest decline in July after inflation came below market expectations—a classic case of “buy the rumor, sell the news.” A break of 24,200 could lead to a quick fall towards 24,000/23,908.
Nifty Trade Plan for Positional Trade ,Bulls will get active above 24382 for a move towards 24557/24635. Bears will get active below 23324 for a move towards 24246/24168
Traders may watch out for potential intraday reversals at 10:03,11:21,12:18,01:59,02:20 How to Find and Trade Intraday Reversal Times
Nifty June Futures Open Interest Volume stood at 1.36 lakh cr , witnessing a liquidation of 4.3 Lakh contracts. Additionally, the increase in Cost of Carry implies that there was a closure of LONG positions today.
Nifty Advance Decline Ratio at 23:26 and Nifty Rollover Cost is @23839 closed above it.
Nifty Gann Monthly Trade level :23993 close above it.
Nifty closed above its 20SMA @23908 Trend is Buy on Dips.
Nifty options chain shows that the maximum pain point is at 24400 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 24400 strike, followed by 24500 strikes. On the put side, the highest OI is at the 24200 strike, followed by 24100 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 24200-24400 levels.
In the cash segment, Foreign Institutional Investors (FII) sold 1137 crores, while Domestic Institutional Investors (DII) bought 1676 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 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.
If a trader is confused about what he is doing, the probable win ratio is zero and he might as well give up trading.
For Positional Traders, The Nifty Futures’ Trend Change Level is At 24281. 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 24339, Which Acts As An Intraday Trend Change Level.
Nifty Intraday Trading Levels
Buy Above 24385 Tgt 24424, 24484 and 24525 ( Nifty Spot Levels)
Sell Below 24323 Tgt 24296, 24250 and 24212 (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.
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