Nifty Review & Analysis - Daily

Price Action :
Nift saw a Gap-up opening with positive overnight ques but failed to sustain higher levels and saw huge selling from opening. Today’s session was very volatile which saw a quick bullback from 23150 levels to agin find sellers at 23400 levls. Nifty finally tested below 23000 levels after 6-7 months closing at 6 month low.


Technicals:
Nifty was very volatile, couldn’t trade past even 10DEMA also. The index formed a strong bearish candle trading below the 10, 20, 50, and 200-day EMAs. The momentum indicators, RSI (Relative Strength Index at 35), and MACD (Moving Average Convergence Divergence) remains below the zero line, indicating weakness still persists.

Support/Resistance
Major Support 22800
Immediate Support 22950

Immediate Resistance 23150
Major Resistance 23400

Trend:
Nifty is in bearish trend very weak.

Options Data:
Weekly Options data suggests huge Call build up at 23500 23300 and 23200 levels suggesting major Resistance
Put Writing seen at 23000 and 22800 levels suggesting small Support.
PCR improved to 0.74

Futures Data:
FII Long/Short ratio came down to 17%
Nifty Futures was negative with huge increase in Open Interest suggesting Shorts addition

Outlook for Next Session:
Nifty might see lower levels below 22950

Approch:
Short at every rise and below 22950

Wait for today’s Low to break for further direction

My Trades & Positions:
holding Shorts