Nifty Review & Analysis - Daily

Price Action :
Nifty opened flat and 1st half of session traded sideways and tested previous day’s low to find some buying around 23000 levels and bounced to close above 23150.

Technicals:
Nifty was calm for most of the day and consolidated around 23000 levels and bounced in last part of session to close above 23150 (near term Resistance) around day’s high, which is a positive take away for the day. The index formed a kind of Bullish Harami
Nifty trading below 10, 20, 50, and 200-day EMAs.
The momentum indicators, RSI - Relative Strength Index improved to 39, 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 23300
Major Resistance 23450

Trend:
Nifty is in bearish trend very weak.

Options Data:
Weekly Options data suggests huge Call build up at 23200-23300 and 23500 levels suggesting major Resistance
Put Writing seen at 23000 and 23100 levels suggesting Support.
PCR improved to 0.8

Futures Data:
FII Long/Short ratio came down to 17.5%
Nifty Futures saw marginal increase with increase in Open Interest suggesting Long addition

Outlook for Next Session:
Nifty might consolidate and try to head higher if Short covering/Buying energes above 23150, till 23350 taken out can go Short at higher levels for tgt 23000.

Approch:
Long above 23350
Short at 23200 for tgt 23050-100
Short below 22950 for tgt 22700

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

My Trades & Positions:
Long in Feb Series CE