Nifty Review & Analysis - Daily
Price Action :
Nifty opened slight above previous day's close and started trending high as analysed above 23800. Above 23800-900 saw huge short covering and soon no looking back achieving 24000 above levels finally to close strong at 24200 levels. It was a Trending day forming high of 24225 almost 2% rally. Price action was very strong forming a strong candle closed well above 20 DMA and almost at 20 Wk MA as-well. If sustained above 24200-50 can test 24400 and then 24800 levels in coming week. Rally was supported more by IT and Auto stocks.
Trend:
Nifty was in very strong uptrend forming Higher High and closed above 20DeMA
Options Data:
24000-24200 Puts added Open Interest showing support. Options data suggests small resistance around 24200-250 above which needs to see if buying comes.
Futures Data:
FII Long/Short ratio was at 13.5% last trading session which lead to short covering.
Nifty Futures closed positively with decrease in Open Interest suggesting slight bearish and exhaustion of Long trend in immediate short term.
Outlook for Next Session:
Nifty is very Bullish after short covering, above 24250 if buying seen can test tgt 24400-24450. Can see buying on dips around 24050-24100 levels or a move above 24250.
Positons:
Wait for a pullback to 24100 levels to go long for tgt 24400+ .
Nifty opened slight above previous day's close and started trending high as analysed above 23800. Above 23800-900 saw huge short covering and soon no looking back achieving 24000 above levels finally to close strong at 24200 levels. It was a Trending day forming high of 24225 almost 2% rally. Price action was very strong forming a strong candle closed well above 20 DMA and almost at 20 Wk MA as-well. If sustained above 24200-50 can test 24400 and then 24800 levels in coming week. Rally was supported more by IT and Auto stocks.
Trend:
Nifty was in very strong uptrend forming Higher High and closed above 20DeMA
Options Data:
24000-24200 Puts added Open Interest showing support. Options data suggests small resistance around 24200-250 above which needs to see if buying comes.
Futures Data:
FII Long/Short ratio was at 13.5% last trading session which lead to short covering.
Nifty Futures closed positively with decrease in Open Interest suggesting slight bearish and exhaustion of Long trend in immediate short term.
Outlook for Next Session:
Nifty is very Bullish after short covering, above 24250 if buying seen can test tgt 24400-24450. Can see buying on dips around 24050-24100 levels or a move above 24250.
Positons:
Wait for a pullback to 24100 levels to go long for tgt 24400+ .
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.