Technical View: Today, during the entire session, the Nifty 50 continued to trading in a limited range with a negative trend. It closed slightly on 20 February. Whereas India VIX declined rapidly due to the minutes being published last night by Federal Reserve officials. The index defended the level of 22,900 on the closing basis in the fifth consecutive season. According to experts, if the index rests above this level, then the upcoming sessions are more likely to boom. If it crosses the first resistance of 23,000, a rally cannot be denied towards 23,200–23,400. However, at the bottom, 22,700 are expected to be an important support level for the index from here.
The Nifty opened at 22,821 with a decline of over 100 points. The index gradually compensated that loss among the rangebound trading. It closed 20 points at 22,913, making a bullish candlestick pattern on the daily chart.
How can Nifty’s move be on Friday 21 February
On the Daily Chart, the Nifty is stuck in the radius of 22,700-23,050 from the last four trading sessions. Mirae Asset Sharekhan’s Jatin Gedia According to, a decisive breakout from this range will determine the trend for the upcoming sessions.
His attitude on the index remains positive. They hope that this consolidation will move upwards.
He believes that the broader market has improved. The market situation has been positive in the last few trading sessions. This suggests that the market is likely to continue.
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Nagraj Shetty of HDFC Securities According to, a permanent step above the initial resistance of 23,100 levels can confirm a shortterm bottom reversal for the market. This can pull the Nifty to a higher height. He said, so there is a possibility of boom in the next 1-2 sessions.
How can Bank Nifty move on Friday 21 February
Some profits were observed after a day -long rally in Bank Nifty. The index fell half percent to 49,335. On the daily chart, it made a dosy candlestick pattern. This pattern is indicating indifference between Bulls and Bears.
For fresh edge, the index will have to remain above 49,400. If this happens, the index can move towards 49,800. Anshul Jain of Lakshmishree Investments According to, the brakeout ahead of this level can open the doors for a rally up to 50,600.
He said, till then, support will have good purchases in the decline. He advised that traders should monitor a decisive move over resistance to confirm further speed.
Meanwhile, India Vix, Voltyness index fell 4.78 percent to 14.68. This is an important level for the front direction. If VIX and falls, the stunning may get some relief.
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