Nifty Review & Analysis - Daily

Price Action :
Nifty saw consolidation not breraking previous day’s low.

Technicals:
Nifty traded whole day in a narrow band with volumes less than average. The index formed a doji, trading below the 10, 20, 50, and 200-day EMAs. The momentum indicators, RSI (Relative Strength Index at 34), and MACD (Moving Average Convergence Divergence) remains below the zero line, indicating weakness still persists.

Support/Resistance
Major Support 23000
Immediate Support 23150

Immediate Resistance 23260
Major Resistance 23400

Trend:
Nifty in sideways to bearish

Options Data:
Call addition seen at 23200 and 23000 levels suggesting support and no major Put builduo see suggesting some support and no major resistance at near levels at short term
PCR improved to 0.8 from 0.7 suggesting support at low levels

Futures Data:
FII Long/Short ratio came down to 16%
Nifty Futures saw 0.5% rise with addition in Open Interest suggesting Long addition

Outlook for Next Session:
Nifty might consolidate and try higher levels

Approch:
wait for today’s high to take out in Nifty to go for higher targets.

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

My Trades & Positions:
no positions