Nifty Review & Analysis - Daily
Price Action :
Nifty closed above 22900, making a small green candle trading in a smal band of 130 points whole day.
Technicals:
Nifty opened below previous day’s close around 22800 levels and sw si=ome buying at opening but faikled to move above 22950, trading whole day in a band of 50-70 points consolidating forming a small Green candle closing below 10,20,50,200 DEMA.
The momentum indicator, RSI - Relative Strength Index was sideways
Support/Resistance
Major Support 22700
Immediate Support 22850
Immediate Resistance 22950
Major Resistance 23100
Trend:
Overall Trend is Bearish sideays
Options Data:
Highest CE OI was at 23000 which also saw majoe writing - Resistance
Highest PE OI was at 23000, highest Put writing seen at 22600, 22700 ,22900 levels
PCR is 0.8 which indicates inconclusivness
Futures Data:
FII Long/Short ratio improved to 16.5%/83.5%
FII Future positions saw little change
Nifty Futures price was bit down,, a slight decrease in price alongside increase in Open Interest (OI) which typically indicates slight Bearishness
Outlook for Next Session:
Nifty is weak below 22800 or might see selling above 22950-23000
Approch:
Short at higher levels for 22700-22600 tgt
Wait for today’s High or Low to break and sustaines for further direction
My Trades & Positions:
No positions in Feb series
Nifty closed above 22900, making a small green candle trading in a smal band of 130 points whole day.
Technicals:
Nifty opened below previous day’s close around 22800 levels and sw si=ome buying at opening but faikled to move above 22950, trading whole day in a band of 50-70 points consolidating forming a small Green candle closing below 10,20,50,200 DEMA.
The momentum indicator, RSI - Relative Strength Index was sideways
Support/Resistance
Major Support 22700
Immediate Support 22850
Immediate Resistance 22950
Major Resistance 23100
Trend:
Overall Trend is Bearish sideays
Options Data:
Highest CE OI was at 23000 which also saw majoe writing - Resistance
Highest PE OI was at 23000, highest Put writing seen at 22600, 22700 ,22900 levels
PCR is 0.8 which indicates inconclusivness
Futures Data:
FII Long/Short ratio improved to 16.5%/83.5%
FII Future positions saw little change
Nifty Futures price was bit down,, a slight decrease in price alongside increase in Open Interest (OI) which typically indicates slight Bearishness
Outlook for Next Session:
Nifty is weak below 22800 or might see selling above 22950-23000
Approch:
Short at higher levels for 22700-22600 tgt
Wait for today’s High or Low to break and sustaines for further direction
My Trades & Positions:
No positions in Feb series
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.