Nifty 50 IndexShort
Nifty Review & Analysis - Daily
Price Action :
Nifty saw Selling from opening in line with global cues and continued sell off till day’s close
Technicals:
Nifty was weak from the start and close at day’s low forming a strong Bearish candle closing convincingly below 10, 20, 50, and 200-day EMAs. saw some profit booking at day’s high of 23270 (10 Dema) closing just at the wedge line.
The momentum indicators, RSI - Relative Strength Index improved to 33, and MACD (Moving Average Convergence Divergence) remains below the zero line, indicating weakness still persists.
Support/Resistance
Major Support 22700
Immediate Support 22800
Immediate Resistance 23000
Major Resistance 23350
Trend:
Overall Trend is Bearish but short term Nifty is bit positive if trades above 22300
Options Data:
Weekly Options data suggests huge Put unwinding seen at 23000 and Call Build up seen at 23000 suggesting Resistance
PCR improved to 0.7 which is Bearish
Futures Data:
FII Long/Short ratio improved to 22%/78%
Nifty Futures price was in neagative, a decrease in price alongside an increase in Open Interest (OI) typically indicates a build-up of short positions in the market, which is generally considered a bearish signal as more traders are betting on the price to fall further
Outlook for Next Session:
Nifty might consolidate and side ways
Approch:
Long only above 23270
avoid shorts till 22800 taken down convincingly
Wait for today’s High or Low to break and sustaines for further direction
My Trades & Positions:
still holding Long in Feb Series CE
Nifty saw Selling from opening in line with global cues and continued sell off till day’s close
Technicals:
Nifty was weak from the start and close at day’s low forming a strong Bearish candle closing convincingly below 10, 20, 50, and 200-day EMAs. saw some profit booking at day’s high of 23270 (10 Dema) closing just at the wedge line.
The momentum indicators, RSI - Relative Strength Index improved to 33, and MACD (Moving Average Convergence Divergence) remains below the zero line, indicating weakness still persists.
Support/Resistance
Major Support 22700
Immediate Support 22800
Immediate Resistance 23000
Major Resistance 23350
Trend:
Overall Trend is Bearish but short term Nifty is bit positive if trades above 22300
Options Data:
Weekly Options data suggests huge Put unwinding seen at 23000 and Call Build up seen at 23000 suggesting Resistance
PCR improved to 0.7 which is Bearish
Futures Data:
FII Long/Short ratio improved to 22%/78%
Nifty Futures price was in neagative, a decrease in price alongside an increase in Open Interest (OI) typically indicates a build-up of short positions in the market, which is generally considered a bearish signal as more traders are betting on the price to fall further
Outlook for Next Session:
Nifty might consolidate and side ways
Approch:
Long only above 23270
avoid shorts till 22800 taken down convincingly
Wait for today’s High or Low to break and sustaines for further direction
My Trades & Positions:
still holding 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.