Nifty Review & Analysis - Daily

Price Action :
Nifty saw buying from 23100 levels at opening and consolidated positively above 23200.

Technicals:
Nifty was bit strong today closing abiove previous day’s high forming a small bullish follow through candle.
Nifty trading below 10, 20, 50, and 200-day EMAs. saw some profit booking at day’s high of 23270 (10 Dema)
The momentum indicators, RSI - Relative Strength Index improved to 40, and MACD (Moving Average Convergence Divergence) remains below the zero line, indicating weakness still persists.

Support/Resistance
Major Support 22950
Immediate Support 22100

Immediate Resistance 23300
Major Resistance 23450

Trend:
Overall Trend is Bearish but short term Nifty is bit positive if trades above 22300

Options Data:
Weekly Options data suggests huge Put Writing at build 23200-23300 and 23500 levels suggesting Support
Call Writing seen at 23300, 23400 & 23600 levels suggesting Resistance.
PCR improved to 1 which is bullish

Futures Data:
FII Long/Short ratio improved to 18%
Nifty Futures saw minor increase with Open Interest unchanged, which is not bearish

Outlook for Next Session:
Nifty might consolidate and try to head higher if Short covering/Buying energes above 23250, till 23350 taken out above which can see 23600 in this series.

Approch:
Long above 23270
avoid shorts till 23000 taken down convincingly

Wait for today’s High or Low to break and sustaines for further direction

My Trades & Positions:
Long in Feb Series CE