Technical View: The Nifty 50 today climbed 23,000 points above the psychological level. But could not retain this level. It closed flat on 19 February with a negative trend. However, the bank Nifty performed better amid high volatility. Experts say that the consolidation with support at 22,800 is likely to continue as long as the index is below 23,000. If the index remains above this level, a rally is possible towards 23,200 (20-day EMA) and then 23,500 (50-Day EMA).
The benchmark index opened today at 22,847. But immediate recovery of about 200 marks was observed. After this, it climbed on 23,050 in the morning. However, it could not retain Momentum. The index gradually lost 12 points to close at 22,933, losing the lead. This created a bullish candlestick pattern with upper shadow on the daily chart. This pattern is indicating a high level of selling pressure.
How can Nifty’s move be on Thursday 20 February
Vinay Rajani of HDFC Securities Said, “Support at 22,800 remains intact in Nifty. Due to improvement in broad market performance, there is a good possibility of moving the pullback towards the next resistance at 23,235 in the index.”
Option data indicates that the Nifty is likely to be within a radius of 1,000 points. In which resistance and short at 23,500
The term is getting support at 22,500. The immediate range can be between 22,800-23,100.
Meanwhile, the broader market performed far better than the benchmark indexes. Nifty midcap 100 and smallcap 100 indexes rose 1.6 percent and 2.4 percent respectively. The Nifty MicroP 250 index appeared above 2.4 percent.
Rajani said that both smallcap and microcap indexes have created a bullish angleping candlestick pattern on the daily chart. Which is indicating a possible trend reversal.
How can Bank Nifty move on Thursday 20 February
Bank Nifty performed better than Nifty 50. The index rose 483 points (1 percent) to close at 49,570 above 49,500. This created a long bullish candlestick pattern on the daily timeframe. The index closed above both 10-Day and 20-Day EMA and also closed above the midline of the Bollinger band, indicating a positive trend.
Anshul Jain of Lakshmishree Investments Said, “The index may have acute short covering when going above 49,600. which can lead to the index of 49,800 – 75 minutes of swing high. It can go further towards 50,600 which is a major resistance on the daily chart. . “
He said that any decline towards 49,300 presents a solid purchase opportunity, according to trend support. Traders should monitor the confirmation of above 49,600 for further speed. A breakout above it can lead to a strong rally.
Meanwhile, India VIX fell in the second consecutive season. But it still remains in the high zone. All these major moving averages (10, 20, 50, 100 and 200-day EMA) are above. This is causing inconvenience to bulls. VIX fell 1.56 percent to 15.42.
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