Nifty Review & Analysis - Daily

Price Action :
Nifty saw selling from the opening to close just above 23600

Technicals:
Nifty opened flat and saw selling from opening and found support around 23550 levels and managed to close above 23600 levels forming a Bearish Candle . A small profit booking was seen above 23700 levels but over all looked strong and stable Nifty closed below 50 and 200 DEMA but above 10&20 DEMA
The momentum indicators, RSI - Relative Strength Index was down to 53
FII Sold Rs. 3550 Cr in cash market

Support/Resistance
Major Support 23400
Immediate Support 23500

Immediate Resistance 23650
Major Resistance 24000

Trend:
Overall Trend is Bearish but short term Nifty is bit positive till it trades above 22300

Options Data:
Highest CE OI was at 24000 followed by 23600 - Resistance
Highest PE OI was at 23600 followed by 23500 and 23000 - Support
23700CE 23600CE saw major addition signaling Shorts added & 23700 is Resistance

PCR is 0.82 which indicates neutral

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 in Strong above 23500

Approch:
Maintain Long positions with 23500 SL
avoid shorts

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

My Trades & Positions:
still holding Long in Feb Series CE waiting for a big Short covering above 24100