Technical View: The Nifty 50 reached around 23,250 in Intrade today. But the selling strategy was at the forefront. As a result, it lost all its lead. The index closed flat with negative trends. The index continued to decline in the seventh consecutive season amid volatility. Experts said that as long as the index is below 23,250, consolidation is likely to continue with significant support at 22,800 in the upcoming sessions. The Nifty opened slightly up to 23,056 today and climbed to 23,236 in Intrade. However, in the afternoon it gradually ended that lead. Finally closed at 23,031 with a decline of 14 points. The index created a small size bearish candlestick pattern with long upper shadow on the daily chart. This pattern is indicating the lack of strength in the upper boom of the market.
How can Nifty’s move be on Friday 14 February
Nagraj Shetty of HDFC Securities According to, the short term trend of Nifty remains positive. But there is a lack of power to cross the resistance immediately in the market.
He said, “A decisive step above the level of 23,250 can confirm the near -term bottom reversal pattern in the market. It is seen at the level of immediate support 22,800.”
The ups and downs in the market on the day of expiry of Nifty, but experts placed bets in these 4 stocks
According to a weekly option data, the Nifty can be within the range of 22,500-24,000. In this, immediate resistance is seen at a high level at 23,200-23,400.
How can Bank Nifty move on Friday 14 February
Bank Nifty tried to bounce above short term moving averages (10 and 20-Day EMA). But failed to maintain those levels. The index fell 120 points to close at 49,360. The banking index created a small bearish candlestick pattern with a long upper shadow on the daily time frame. This pattern is indicating a lack of strength at a high level. But for the third consecutive session, the index continued to defend 49,250 levels.
Anshul Jain of Lakshmishree Investments Said, 49,600-49,700 zones at the top are seen as a large resistance, where profits are advised. According to him, a decisive break over this resistance can promote it to go up. But there may be consolidation when it fails. He advised that traders should be vigilant. Traders Risk Management should shop near support and get out near the resistance level.
India Vix, the index of fear, went up to a large range from 12.20 to 15.47 before closing at 14.96. This range is still unfavorable for bulls.
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