Based on market closing on February 18
The Nifty ended the previous session at 22951.30, down -8.20 points or 0.04 percent. For a positive trend, the index needs to move above 23000 levels.
In the previous session, Nifty opened with a positive bias at 22963.70 and tested the intraday high of 22992.50 in the morning trade. Then the index fell and hit the intraday low of 22801.50 and closed at 22951.30.
The biggest sector gainers were the IT, metal, realty, and financial services, while the losers were FMCG, auto, pharm,a and PSU banks. The market breadth remained negative, with 627 stocks advancing, 2104 declining, and 141 unchanged.
The biggest gainers under the nifty were, NTPC, TECHM, WIPRO, and POWERGRID, whereas the major losers were INDUSINDBK, TRENT, BRITANNIA, and HINDUNILVR.
Technically, momentum indicators continue to signal a negative trend, with the index trading below its short-term and long-term moving averages.
The index formed a black candle on the daily chart and closed lower than the previous session. However, the long lower shadow suggests buying interest near the support zone.
On the downside, key support lies in the 22,770–22,600 range. A decisive close below this zone could resume the recent downtrend.
Conversely, if the index holds above these levels, it may consolidate for a few more sessions.
For a potential pullback rally, the index must surpass the intraday resistance at 23,000.
Support - 22900, 22800, 22700
Resistance - 23000, 23100-23230 (15-Minute Charts)
Short-term support - 22770-22600
Resistance - 23250- 22800.
In the preceding session, Bank Nifty closed at 49092.95, registering a loss of -165.95 points. The technical parameters indicate a negative trend.
The index remains below its short-term and long-term moving averages.
Moreover, the index formed a black candle on the daily chart and closed inside the previous candle. This pattern indicates the possibility of a consolidation.
The nearest short-term support is at 48750 levels. If the index closes below this level, the downtrend can continue in the coming days.
Otherwise, the index may consolidate above this level for a few days. On the higher side, the index has intraday resistance at the 49200 level.
For a pullback rally, the index needs to surpass this level.
As indicated by the 15-minute charts, intraday traders' support levels are 48850, 48600, and 48300, while resistance levels are 49200, 49500, and 49800.
Positional traders should watch short-term support at 48750–47750, with resistance at 49750–50700.