Nifty Review & Analysis - Daily

Price Action :
Nifty selling continued from last Friday and saw sharp cut 0f -1.5%. Price action was weak and no much support in terms of buying around 23700 as expected closing at almost lows of day around 23600.

Trend:
Nifty was in down trend from the opening.

Options Data:
23700 and 24000 Puts saw huge unwinding and aCall addition suggesting huge Resistance at 23700 levels. Small Put builup see at 23300 suggesting a small support.
PCR is at 0.68 which is very bearish.

Futures Data:
FII Long/Short ratio was at 18% last trading session.
Nifty Futures closed negatively with slight decrease in Open Interest suggesting bearishness with sideways bias to continue in immediate short term.

Outlook for Next Session:
Nifty is very Bearish. Might consolidate around 23500-600 before any movement up or down. Need to see if buying emerges around dips of 23300 or above 23800 levels for further direction.

Positons:
Wait for a pullback to go short around 23700-50 for tgt 23300.