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