Nifty Review & Analysis - Daily
Price Action :
Nifty saw selling from the opening to close below 23400 but managed to bounce from 23300 levels.
Technicals:
Nifty opened below previous day’s close and saw continued selling to find support/buying around 23300 levels and saw slight pull back above 23350 levels forming a Bearish candle closing below 10,20,50,200 DEMA.
The momentum indicators, RSI - Relative Strength Index was down to 47
Support/Resistance
Major Support 23300
Immediate Support 23150
Immediate Resistance 23450
Major Resistance 24600
Trend:
Overall Trend is Bearish
Options Data:
Highest CE OI was at 23700, 23600 followed by 23600 - Resistance
Highest PE OI was at 23000 followed by 23100 - Support
23700CE 23600CE and 23500CE saw major addition signaling Shorts added
23200Pe saw unwinding indicating weakness and 23000pe saw addition indicating support
PCR is 0.6 which indicates Bearishness
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 is weak below 23300
Approch:
Waiting for move up or down
Wait for today’s High or Low to break and sustaines for further direction
My Trades & Positions:
No Positions
Nifty saw selling from the opening to close below 23400 but managed to bounce from 23300 levels.
Technicals:
Nifty opened below previous day’s close and saw continued selling to find support/buying around 23300 levels and saw slight pull back above 23350 levels forming a Bearish candle closing below 10,20,50,200 DEMA.
The momentum indicators, RSI - Relative Strength Index was down to 47
Support/Resistance
Major Support 23300
Immediate Support 23150
Immediate Resistance 23450
Major Resistance 24600
Trend:
Overall Trend is Bearish
Options Data:
Highest CE OI was at 23700, 23600 followed by 23600 - Resistance
Highest PE OI was at 23000 followed by 23100 - Support
23700CE 23600CE and 23500CE saw major addition signaling Shorts added
23200Pe saw unwinding indicating weakness and 23000pe saw addition indicating support
PCR is 0.6 which indicates Bearishness
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 is weak below 23300
Approch:
Waiting for move up or down
Wait for today’s High or Low to break and sustaines for further direction
My Trades & Positions:
No Positions
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.