- US markets end in red on disappointing data, earnings; Asian markets follow suit.
- On Thursday Nifty has hit One Week high Market continues with its upward move with participation coming from all sectors, bringing in momentum in rotational movement in stocks.
- February first half sessions traded between 11118 and 10718
- February Second half sessions trading between 10808 and 10585
- So for now Nifty traded in the range of 11118 and 10585
- Nifty likely to consolidate in the middle of its February month trading range.
- Nifty daily chart indicates it likely to expire around 10800 levels
- Nifty likely to face resistance at 10830 and support at 10730.
- 50 days SMA: 10818
- 150 days SMA: 10909
- 200 days SMA: 10860
Nifty Chart Formations: Candlestick and Patterns
Candlestick: bullish candle
- Nifty formed a bullish candle for second day.
Patterns: Ending Diagonal Pattern
- Nifty index breached lower end of the multi week Ending Diagonal pattern on closing basis
- Losing momentum to the downside, when prices finally turn bullish, it can be a swift correction to the upside.
- This wave often occurs when the preceding move of the trend has gone too far, too fast and has run out of steam.
- In all cases, they are found at the end of the higher degree motive or corrective wave.
- This wave pattern indicates the termination of the previous trend of one higher degree.
- Nifty max pain level currently at 10823
- Bank Nifty max pain level currently at 27000
- Nifty PCR at 1.11
- Nifty Bank PCR at 1.30.
- Nifty: 10700 PE and 10800 CE
- Bank Nifty: 26500 PE and 27000 CE
- FII: 48 CR
- DII: 202.10 CR
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