Nifty 50 IndexShort
Nifty Review & Analysis - Daily
Price Action :
Nifty closed at 23072, down 1.32% after a sharp 200 points drop in 30 min, hitting an intraday low of 22986.
Technicals:
Nifty opened below previous day’s close and saw continued selling and saw sudden drop of 200 points in 2nd half and closed at 23072 down 1.32% forming a big Red candle suggesting weakness closing below 10,20,50,200 DEMA.
The momentum indicator, RSI - Relative Strength Index was down to 41
Support/Resistance
Major Support 22800
Immediate Support 22950
Immediate Resistance 23250
Major Resistance 23400
Trend:
Overall Trend is Bearish
Options Data:
Highest CE OI was at 23500, 23400 followed by 23300 - Resistance
Highest PE OI was at 22700 followed by 22800 - Support
23300CE 23400CE and 23500CE saw major addition signaling Shorts added
22700PE saw PE addition indicating support
PCR is 0.6 which indicates Bearishness
Futures Data:
FII Long/Short ratio improved to 14.5%/85.5%
FII exited 4K Longs in Future at 38K and Shorts intact at 1.9L contracts
Nifty Futures price was in down -1.4%, a slight decrease in price alongside slight increase in Open Interest (OI) typically indicates slight Bearishness
Outlook for Next Session:
Nifty is weak below 23000
Approch:
Short at higher levels for 22700 tgt
Wait for today’s High or Low to break and sustaines for further direction
My Trades & Positions:
Holding shorts from 23250 levels booked half at 23000
Nifty closed at 23072, down 1.32% after a sharp 200 points drop in 30 min, hitting an intraday low of 22986.
Technicals:
Nifty opened below previous day’s close and saw continued selling and saw sudden drop of 200 points in 2nd half and closed at 23072 down 1.32% forming a big Red candle suggesting weakness closing below 10,20,50,200 DEMA.
The momentum indicator, RSI - Relative Strength Index was down to 41
Support/Resistance
Major Support 22800
Immediate Support 22950
Immediate Resistance 23250
Major Resistance 23400
Trend:
Overall Trend is Bearish
Options Data:
Highest CE OI was at 23500, 23400 followed by 23300 - Resistance
Highest PE OI was at 22700 followed by 22800 - Support
23300CE 23400CE and 23500CE saw major addition signaling Shorts added
22700PE saw PE addition indicating support
PCR is 0.6 which indicates Bearishness
Futures Data:
FII Long/Short ratio improved to 14.5%/85.5%
FII exited 4K Longs in Future at 38K and Shorts intact at 1.9L contracts
Nifty Futures price was in down -1.4%, a slight decrease in price alongside slight increase in Open Interest (OI) typically indicates slight Bearishness
Outlook for Next Session:
Nifty is weak below 23000
Approch:
Short at higher levels for 22700 tgt
Wait for today’s High or Low to break and sustaines for further direction
My Trades & Positions:
Holding shorts from 23250 levels booked half at 23000
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.