Nifty Review & Analysis - Daily

Nifty opned at 23700 and couldn’t go higher trading in a range for most part of the morning session, then saw selling pressure and tested 23450 and closed in neagtive at 23486 down -0.7%

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

Candle Pattern: - Bullish
Formed a Neagtive Bearish candle, Bearish untill recent highs taken out

Daily EMA Positioning: Bullish
10dEMA 23176
20dEMA 22980
50dEMA 23136
200dEMA 24080

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

The momentum indicator, RSI - Relative Strength Index is now below 70 at 65 - not Overbought
Momentum gaining towards Neutral to Positive

Support/Resistance Levels:
Major Support 23000
Immediate Support 22300-200

Immediate Resistance 22550
Major Resistance 23700, 24000

Trend:
Short Term Trend is Sideways Consolidation with Negative bias

Daily Options Activity:
Highest CE OI was at 24000 also saw OI addition at 24000. 23600, 22500 - Resistance
Highest PE OI was at 23500, saw Pe unwinding at 23000 with no major PE addition

PCR is 0.8 indicating mild Bearishness

Daily Futures Activity FII + Pro F&O Data:
FII Long/Short ratio at 33.5%/66.5% indicating addition of Longs by FIIs - Bullish

Change in Futures OI:
FII Future positions in longs & shorts remained unchanged -not Bearish
Nifty Futures price was -.7% with 2.5% Decrease in OI indicating Shorts Additions

Observation:
Niftylooked below 23700 as it couldn’t find buyers and saw selling at highs to close weak below 23500

Overall Trend:
Sentiment is Sideways cautious

Outlook for Next Session:
Nifty saw profit booking afrter 6-7 days of large upmove. Now in No trade Zone basically. Wait and watch for clear signal till 22300 or 22800 taken out

Approach & Strategy:
Wait and Watch with Long bias

My Trades & Positions:
No Positions