Nifty Review & Analysis - Daily

Price Action :
Nifty consolidated hitting a high of 23800 taoday and closed in slight negative

Technicals:
Nifty opened above 23800 and traded below it for whole day in a narrow range and closed at lowest point of day forming a small Bearish candle. A small profit booking was see at 23800 levels (from downward trend line from previous highs) but over all looked strong and stable managing to close above 10.20,50,200 DEMA.
The momentum indicators, RSI - Relative Strength Index improved to 56

Support/Resistance
Major Support 23500
Immediate Support 23600

Immediate Resistance 23750
Major Resistance 24000
Trend:
Overall Trend is Bearish but short term Nifty is bit positive if trades above 22300

Options Data:
Highest CE OI was at 24000 ( swa some addition) - Resistance
Highest PE OI was at 23500 (saw addition) - Support
23700CE 23800CE saw major addition signaling Shorts added & 23700 is Resistance

PCR is 0.9 which indicates not Bearish

Futures Data:
FII Long/Short ratio improved to 12%/82%
Nifty Futures price was in neagative, a slight decrease in price alongside slight decrease in Open Interest (OI) typically indicates small profit booking

Outlook for Next Session:
Nifty in Strong above 23500

Approch:
Maintain Long positions with 23500 SL
avoid shorts

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

My Trades & Positions:
still holding Long in Feb Series CE waiting for a big Short covering above 24100