Nifty Review & Analysis - Daily

Price Action :
Nifty saw selling from the opening to close below 23400 but managed to bounce from 23300 levels.

Technicals:
Nifty opened below previous day’s close and saw continued selling to find support/buying around 23300 levels and saw slight pull back above 23350 levels forming a Bearish candle closing below 10,20,50,200 DEMA.
The momentum indicators, RSI - Relative Strength Index was down to 47

Support/Resistance
Major Support 23300
Immediate Support 23150

Immediate Resistance 23450
Major Resistance 24600

Trend:
Overall Trend is Bearish

Options Data:
Highest CE OI was at 23700, 23600 followed by 23600 - Resistance
Highest PE OI was at 23000 followed by 23100 - Support
23700CE 23600CE and 23500CE saw major addition signaling Shorts added
23200Pe saw unwinding indicating weakness and 23000pe saw addition indicating support

PCR is 0.6 which indicates Bearishness

Futures Data:
FII Long/Short ratio improved to 16.5%/83.5%
FII exited 4K Longs in Future at 38K and Shorts intact at 1.9L contracts
Nifty Futures price was in negative, a slight decrease in price alongside slight increase in Open Interest (OI) typically indicates slight Bearishness

Outlook for Next Session:
Nifty is weak below 23300

Approch:
Waiting for move up or down

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

My Trades & Positions:
No Positions