Nifty Review & Analysis - Daily

Price Action :
Nifty saw traded whole day in range of 150 points like previous day. Can saw side ways or consolidation. Take away is closed in positive.

Technicals:
Nifty traded whole day in a narrow band of 150 points with volumes less than average. The index formed a doji ( meaning indecisiveness )trading below the 10, 20, 50, and 200-day EMAs. The momentum indicators, RSI (Relative Strength Index at 36), and MACD (Moving Average Convergence Divergence) remains below the zero line, indicating weakness still persists.

Support/Resistance
Major Support 23000
Immediate Support 23150

Immediate Resistance 23300
Major Resistance 23450

Trend:
Nifty in sideways to bearish

Options Data:
Weekly Options data suggests huge Call build up at 23300 levels suggesting major Resistance
22200 levels saw little Put Writing suggesting small Support.
PCR improved to 0.8

Futures Data:
FII Long/Short ratio came down to 17%
Nifty Futures saw little increase with small increase in Open Interest suggesting Long addition

Outlook for Next Session:
Nifty might consolidate while stocks perform based on results.

Approch:
No Trade till 23350 or 23100 convinsingly taken out.

Wait for today’s Low or High to break for further direction

My Trades & Positions:
no positions