Nifty Review & Analysis - Daily

Price Action :
Nifty saw selloff from the opening znd closed at almost low of the day. A weak day overall forming a bearish candle.

Technicals:
Nifty 50 has formed a strong bearish candlestick pattern on the daily charts with above-average volumes, while defending the previous low of 23460. The index closed near the Trens line support around 23500 , trading below the 10, 20, 50, and 200-day EMAs. The momentum indicators, RSI (Relative Strength Index at 39), and MACD (Moving Average Convergence Divergence) remains below the zero line, indicating weakness.

Support/Resistance
Major Support 23000
Immediate Support 23300

Immediate Resistance 23600
Major Resistance 23800

Trend:
Nifty was Strong Neagtive

Options Data:
Call addition seen at 23600 23700 & 23800 saw Put writing and no major Put writing at 23300 seen suggesting huge resistance at higher levels.
PCR improved to 0.7

Futures Data:
FII Long/Short ratio came down to 16%
Nifty Futures saw fall with addition in Open Interest suggesting Bearish Trend to continue in immediate short term.

Outlook for Next Session:
overall Nifty is Bearish. Can add Shorts on every pull back

Approch:
Short Nifty at highs or pull back towards 23600 for tgt 23300 and 23000

Wait for today’s low to be taken out and trade below that for 30mins to go short for tgt 23350
If opened Flat wait for a weakness and short
If opened gap-up, which is very unlikely, go short
if opened gap-down, wait for break below 23500 clearly to go short.

My Trades & Positions:
exited Longs at open and created Shorts once 23600 broke, still in Short