Nifty Review & Analysis - Daily

Price Action :
Nifty made another new low for the year down -1%

Technicals:
Nifty opened gap down and continued weakness below 22700 to close at 22550 forming a bearish candle below 5,10,20,50,100 & 200 DEMA
The momentum indicator, RSI - Relative Strength Index closed below 30 showing weakness

Support/Resistance
Major Support 22300
Immediate Support 22500

Immediate Resistance 22650
Major Resistance 22700, 22800, 23000

Trend:
Overall Trend is Bearish sideays

Options Data:
Highest CE OI was at 23000 with highest addition at 22600, 22700 & 22800 - Resistance
Highest PE OI was at 22500, highest Put writing seen at 22500, 22300 - No major support

PCR is 0.6 which indicates Bearishness

Futures Data:
FII Long/Short ratio at 15.5%/84.5%
FII Future positions saw little addition in longs and exiting shorts
Nifty Futures price was down by -1% with huge increase in Open Interest (OI) which typically indicates Bearishness

Outlook for Next Session:
Nifty is weak Sell on every rise

Approch:
Short at higher levels for target 22400-22300

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

My Trades & Positions:
Holding Shorts in March monthly contract from 22850 levels