Nifty Review & Analysis - Daily

Nifty opened Gap up again following Global Cues and saw surge throughout the day making a high of 23216 and closing at 23190 +1.25%.

Price Action : - Bullish
Nifty closed 1.25% in positive. Consequtive 4 days green candle and closing above 10,20,50 dEMA and forming big weekly green candle breaking out above Trend line connecting Life thigh and previous highs.

Candle Pattern:
Formed a Big Green candle with a small wick on upside.

Daily EMA Positioning:
10dEMA 22713
20dEMA 22710
50dEMA 22997
200dEMA 23397

EMA Trend:
Closed above 10dEma ,20dEma & 50DEMA,
Daily MA suggests Buy
Hourly suggests Strong Buy
15mins Suggests Strong Buy

The momentum indicator, RSI - Relative Strength Index is above 60 now at 63
Momentum gaining towards Upside

Support/Resistance Levels:
Major Support 23000
Immediate Support 22150

Immediate Resistance 22250
Major Resistance 23500

Trend:
Short Term Trend is Bullish

Daily Options Activity:
Highest CE OI was at 23500 with highest addition at 23400 and 23500- Resistanc
Highest PE OI was at 23000, highest Put addition seen at 23000 followed by 23200 - support

PCR is 1.1 indicating Bullishness

Daily Futures Activity FII + Pro F&O Data:
FII Long/Short ratio at 30%/70% indicating slowly addition of Longs by FIIs - Bullish

Change in Futures OI:
FII Future positions saw little addition in longs +9K with -10K change in shorts -Bullish
Nifty Futures price was higher by 0.9% 3.5 %OI decreasing indicating weakness is current upmove

Observation:
Nifty looks strong above 23000 forming daily positive green candles and weekly huge green candle closing above 10,20,50dEMA and FII long addition

Overall Trend:
Sentiment turning Positive

Outlook for Next Session:
Nifty looks strong around 23200, might consolidate abobe 23000 before another upmove

Approach & Strategy:
Long with 22850 as SL in April contract

My Trades & Positions:
Long in 23200CE April