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HomeBusinessNIFTY July 11, 2024 - Weekly Expiry Analysis - Bramesh's Technical Analysis

NIFTY July 11, 2024 – Weekly Expiry Analysis – Bramesh’s Technical Analysis


Foreign Institutional Investors (FIIs) displayed a Bearish approach in the Nifty Index Futures market by Shorting 15565 contracts worth ₹954 crores, resulting in a increase of 636 contracts in the net open interest. FIIs closed 26212  long contracts and added 21525 short contracts, indicating a preference for closing long positions and adding of short positions. With a net FII long-short ratio of 5.1 , FIIs utilized the market fall  to exit long positions and enter short positions in Nifty futures. Clients added 3805 long contracts and covered 41628 short contracts.

As Discuused in Last Analysis

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 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 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 09:45,10:34,11:07,01:23,02:219  How to Find and Trade Intraday Reversal Times

Nifty June Futures Open Interest Volume stood at 1.40 lakh cr , witnessing a liquidation of 4 Lakh  contracts. Additionally, the increase in Cost of Carry implies that there was a closure of LONG positions today.

Nifty Advance Decline Ratio at 22:27 and Nifty Rollover Cost is @23839 closed above it.

Nifty Gann Monthly  Trade level :23993 close  above  it.

Nifty closed above its 20SMA @23858 Trend is Buy on Dips.

Nifty options chain shows that the maximum pain point is at 24300  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) bought 583 crores, while Domestic Institutional Investors (DII) bought 1082 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 24275 . 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 24327, Which Acts As An Intraday Trend Change Level.

Nifty Expiry Range

Upper End of Expiry : 24507

Lower End of Expiry : 24140

Nifty Intraday Trading Levels

Buy Above 24350 Tgt 24385, 24424 and 24466 ( Nifty Spot Levels)

Sell Below 24300 Tgt 24260, 24225 and 24186 (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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