Nifty Review & Analysis - DailyNifty 50 IndexNSE:NIFTYSandeep_CAPrice 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