Nifty Review & Analysis - Daily

Nifty opened Gap up +90 points and soon saw profit booking, again found buying and made high of 23870 and saw sell off to 23650 levsl to close flat at 22368.

Price Action : - Bullish
Nifty closed Flat with some profit booking at highs.

Candle Pattern: - Bullish
Formed a Bearish candle, shpuld see tomorro’s candle for further direction.

Daily EMA Positioning: Bullish
10dEMA 23105
20dEMA 22926
50dEMA 23036
200dEMA 23402

EMA Trend:
Closed above 10dEma ,20dEma, 50DEMA and 200DEMA,
Daily MA suggests Buy
Hourly suggests Strong Buy
15mins Suggests Strong Buy

The momentum indicator, RSI - Relative Strength Index is above 60 now at 71.65 - Just Over Bought
Momentum gaining towards Upside

Support/Resistance Levels:
Major Support 23300-200
Immediate Support 22500

Immediate Resistance 22700
Major Resistance 23800, 24000

Trend:
Short Term Trend is Sideways Consolidation

Daily Options Activity:
Highest CE OI was at 24000 also saw OI addition at 24000. 23800, 23700 - Resistance
Highest PE OI was at 23500, with no major PE addition

PCR is 1 indicating indecisiveness

Daily Futures Activity FII + Pro F&O Data:
FII Long/Short ratio at 33%/67% indicating addition of Longs by FIIs - Bullish

Change in Futures OI:
FII Future positions saw little addition in longs +2K with shorts unchanged -Bullish
Nifty Futures price was flat with 3% OI Addition indicating Long Additions

Observation:
Nifty looks strong above 23500, saw profit booking at 23870. Might consolidate above 23500-600 for further move

Overall Trend:
Sentiment is Positive Sideways

Outlook for Next Session:
Nifty looks strong around 23600, might consolidate above 23550 before another upmove to 24000

Approach & Strategy:
Long around 23500-600 in April contract, with 23300 as SL

My Trades & Positions:
Long in 23600CE April contract