Nifty Review & Analysis - Daily

Price Action :
Nifty closed above 22900, making a small green candle trading in a smal band of 130 points whole day.

Technicals:
Nifty opened below previous day’s close around 22800 levels and sw si=ome buying at opening but faikled to move above 22950, trading whole day in a band of 50-70 points consolidating forming a small Green candle closing below 10,20,50,200 DEMA.
The momentum indicator, RSI - Relative Strength Index was sideways

Support/Resistance
Major Support 22700
Immediate Support 22850

Immediate Resistance 22950
Major Resistance 23100

Trend:
Overall Trend is Bearish sideays

Options Data:
Highest CE OI was at 23000 which also saw majoe writing - Resistance
Highest PE OI was at 23000, highest Put writing seen at 22600, 22700 ,22900 levels


PCR is 0.8 which indicates inconclusivness

Futures Data:
FII Long/Short ratio improved to 16.5%/83.5%
FII Future positions saw little change
Nifty Futures price was bit down,, a slight decrease in price alongside increase in Open Interest (OI) which typically indicates slight Bearishness

Outlook for Next Session:
Nifty is weak below 22800 or might see selling above 22950-23000

Approch:
Short at higher levels for 22700-22600 tgt

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

My Trades & Positions:
No positions in Feb series