Nifty 50 IndexLong
Nifty Review & Analysis - Daily
Price Action :
Nifty saw buying from 23100 levels at opening and consolidated positively above 23200.
Technicals:
Nifty was bit strong today closing abiove previous day’s high forming a small bullish follow through candle.
Nifty trading below 10, 20, 50, and 200-day EMAs. saw some profit booking at day’s high of 23270 (10 Dema)
The momentum indicators, RSI - Relative Strength Index improved to 40, and MACD (Moving Average Convergence Divergence) remains below the zero line, indicating weakness still persists.
Support/Resistance
Major Support 22950
Immediate Support 22100
Immediate Resistance 23300
Major Resistance 23450
Trend:
Overall Trend is Bearish but short term Nifty is bit positive if trades above 22300
Options Data:
Weekly Options data suggests huge Put Writing at build 23200-23300 and 23500 levels suggesting Support
Call Writing seen at 23300, 23400 & 23600 levels suggesting Resistance.
PCR improved to 1 which is bullish
Futures Data:
FII Long/Short ratio improved to 18%
Nifty Futures saw minor increase with Open Interest unchanged, which is not bearish
Outlook for Next Session:
Nifty might consolidate and try to head higher if Short covering/Buying energes above 23250, till 23350 taken out above which can see 23600 in this series.
Approch:
Long above 23270
avoid shorts till 23000 taken down convincingly
Wait for today’s High or Low to break and sustaines for further direction
My Trades & Positions:
Long in Feb Series CE
Nifty saw buying from 23100 levels at opening and consolidated positively above 23200.
Technicals:
Nifty was bit strong today closing abiove previous day’s high forming a small bullish follow through candle.
Nifty trading below 10, 20, 50, and 200-day EMAs. saw some profit booking at day’s high of 23270 (10 Dema)
The momentum indicators, RSI - Relative Strength Index improved to 40, and MACD (Moving Average Convergence Divergence) remains below the zero line, indicating weakness still persists.
Support/Resistance
Major Support 22950
Immediate Support 22100
Immediate Resistance 23300
Major Resistance 23450
Trend:
Overall Trend is Bearish but short term Nifty is bit positive if trades above 22300
Options Data:
Weekly Options data suggests huge Put Writing at build 23200-23300 and 23500 levels suggesting Support
Call Writing seen at 23300, 23400 & 23600 levels suggesting Resistance.
PCR improved to 1 which is bullish
Futures Data:
FII Long/Short ratio improved to 18%
Nifty Futures saw minor increase with Open Interest unchanged, which is not bearish
Outlook for Next Session:
Nifty might consolidate and try to head higher if Short covering/Buying energes above 23250, till 23350 taken out above which can see 23600 in this series.
Approch:
Long above 23270
avoid shorts till 23000 taken down convincingly
Wait for today’s High or Low to break and sustaines for further direction
My Trades & Positions:
Long in Feb Series CE
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.