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HomeBusinessNIFTY July 10, 2024 Trade Plan - Bramesh's Technical Analysis

NIFTY July 10, 2024 Trade Plan – Bramesh’s Technical Analysis


Foreign Institutional Investors (FIIs) displayed a Bullish approach in the Nifty Index Futures market by Buying 11721 contracts worth ₹717 crores, resulting in a increase of 15857  contracts in the net open interest. FIIs added 10530  long contracts and added 1598 short contracts, indicating a preference for adding long positions and adding of short positions. With a net FII long-short ratio of 5.1 , FIIs utilized the market rise to enter long positions and enter short positions in Nifty futures. Clients covered 694 long contracts and added 1598 short contracts.

As Discuused in Last Analysis

Nifty formed an Inside Bar Today with price near gann angle resistance zone, Jupiter North Node and Mercury Trine North Node Aspects will bring lot of voaltlity in next 2 trading session.As JUpiter and Mercury are involved so Nifty will have a major Impact. NOrth Node also Rahu is famous for its unpredicatable moves.

Nifty made an fresh all time high today and closed above Gann Level of 24389 and price is approaching near its gann angle resistance zone. Tommrow Venus Distance to Sun is Minimum ,Intraday traders can watch for first 15 mins High and Low to trade for the day. Frist sign of Weakness on 15 mins close below 24389

Nifty Trade Plan for Positional Trade ,Bulls will get active above 24479 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 09:45,10:36,11:25,01:21,02:19  How to Find and Trade Intraday Reversal Times

Nifty June Futures Open Interest Volume stood at 1.44 lakh cr , witnessing a addition of 2.3  Lakh  contracts. Additionally, the increase in Cost of Carry implies that there was a addition of LONG positions today.

Nifty Advance Decline Ratio at 33:17 and Nifty Rollover Cost is @23839 closed above it.

Nifty Gann Monthly  Trade level :23993 close  above  it.

Nifty closed above its 20SMA @23808 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 1.02Typically, 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 24300 strike, followed by 24200 strikes. This suggests that the market participants are expecting Nifty 50 to remain range between 24300-24500 levels.

In the cash segment, Foreign Institutional Investors (FII) bought 60  crores, while Domestic Institutional Investors (DII) bought 2866 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 24269. 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 24455 , Which Acts As An Intraday Trend Change Level.


Nifty Intraday Trading Levels

Buy Above 24450 Tgt 24485, 24524 and 24566 ( Nifty Spot Levels)

Sell Below 24390 Tgt 24360, 24312 and 24266 (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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