Nifty Review & Analysis - Daily

Price Action :
Nifty closed at 23072, down 1.32% after a sharp 200 points drop in 30 min, hitting an intraday low of 22986.

Technicals:
Nifty opened below previous day’s close and saw continued selling and saw sudden drop of 200 points in 2nd half and closed at 23072 down 1.32% forming a big Red candle suggesting weakness closing below 10,20,50,200 DEMA.
The momentum indicator, RSI - Relative Strength Index was down to 41

Support/Resistance
Major Support 22800
Immediate Support 22950

Immediate Resistance 23250
Major Resistance 23400

Trend:
Overall Trend is Bearish

Options Data:
Highest CE OI was at 23500, 23400 followed by 23300 - Resistance
Highest PE OI was at 22700 followed by 22800 - Support
23300CE 23400CE and 23500CE saw major addition signaling Shorts added
22700PE saw PE addition indicating support

PCR is 0.6 which indicates Bearishness

Futures Data:
FII Long/Short ratio improved to 14.5%/85.5%
FII exited 4K Longs in Future at 38K and Shorts intact at 1.9L contracts
Nifty Futures price was in down -1.4%, a slight decrease in price alongside slight increase in Open Interest (OI) typically indicates slight Bearishness

Outlook for Next Session:
Nifty is weak below 23000

Approch:
Short at higher levels for 22700 tgt

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

My Trades & Positions:
Holding shorts from 23250 levels booked half at 23000