Nifty Review & Analysis - Daily

Price Action :
Nifty showed Strenght and closed in green for 2 consicutive days

Technicals:
Nifty opened in green and built on it. A small profit booking was see at 23300 levels may be due to monthly expiry but over all looked strong and stable but couldn’t close above 20Dema but managed to close above 10Dema.
The momentum indicators, RSI - Relative Strength Index improved to 45

Support/Resistance
Major Support 22900
Immediate Support 23100

Immediate Resistance 23350
Major Resistance 23500

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

Options Data:
Monthly Options data reading not clear as it was expiry day

Weekly Options data suggests huge Put unwinding seen at 23000 and Call Build up seen at 23000 suggesting Resistance
PCR improved to 0.7 which is Bearish

Futures Data:
FII Long/Short ratio improved to 22%/78%
Nifty Futures price was in neagative, a decrease in price alongside an increase in Open Interest (OI) typically indicates a build-up of short positions in the market, which is generally considered a bearish signal as more traders are betting on the price to fall further

Outlook for Next Session:
Nifty in sideways to positive

Approch:
Long only above 23270
avoid shorts till 22800 taken down convincingly

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

My Trades & Positions:
still holding Long in Feb Series CE