Nifty Review & Analysis - Daily

Nifty opened Gap up 150 points following Global Cues and saw surge throughout the day making a high of 22857 and closing at 22834 +1.45%

Price Action : - Bullish
Nifty closed 1.5% in positive.

Candle Pattern:
Formed a Big Green candle with a small wick on upside.

Daily EMA Positioning:
10dEMA 22540
20dEMA 22623
50dEMA 22992
200dEMA 23404

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

The momentum indicator, RSI - Relative Strength Index at 54
Momentum gaining towards Upside

Support/Resistance Levels:
Major Support 22750
Immediate Support 22500

Immediate Resistance 22900
Major Resistance 23000

Trend:
Short Term Trend is Slight Bullish

Daily Options Activity:
Highest CE OI was at 23000 with highest addition at 23000 - Resistanc
Highest CE unwinding see at 22700 - Support
Highest PE OI was at 22500, highest Put addition seen at 22600, 22700 - support

PCR is 1.4 indicating Bullishness

Daily Futures Activity FII + Pro F&O Data:
FII Long/Short ratio at 24%/76% indicating slowly addition of Longs by FIIs - Bullish

Change in Futures OI:
FII Future positions saw little addition in longs +7K with -2K change in shorts -Bullish
Nifty Futures price was higher with 0.7% OI addition - Bullish

Observation:
Overall looks a positive breakout above 22600, with good PE addition at 22600 & 22700 levels can see
higher levels if 22850 taken out for targets 23000 in shortterm

Overall Trend:
Sideways consolidating turning positive

Outlook for Next Session:
Nifty looks strong above 22700, untill breakout above 23000 it might consolidate

Approach & Strategy:
Wait and watch as last 2 day’s strategy worked perfectly and Nifty has given around 500 points in 2 days, i would wait till 22900-23000 taken out for further Longs

My Trades & Positions:
Closed Long positions at 22800+ held from 22340.