The smart recovery of more than 200 points from the day's low helped the Nifty 50 snap an 8-day losing streak and close with a 30-point gain on February 17, after taking support at 22,700. However, the overall trend remains in favour of the bears, given the lower top-lower bottom formation. If the index manages to extend the recovery and clear the psychological 23,000 mark, the immediate hurdle is likely to be between 23,150 and 23,300. But if it sustains below 23,000, the consolidation may continue, with support at 22,700. Below that, 22,500 is the level to watch, according to experts.
Key Levels For The Nifty 50 (22,960)
Resistance based on pivot points: 22,981, 23,040, and 23,135
Support based on pivot points: 22,791, 22,733, and 22,638
Special Formation: The Nifty 50 formed a bullish candlestick pattern with a minor lower shadow on the daily charts after hitting the bottom line of the Bollinger Bands, but it continued the lower high-lower low formation. The index remained below all key moving averages (10, 20, 50, 100, and 200-day EMAs), with a negative bias in momentum indicators. The RSI (Relative Strength Index) stands at 39, and the MACD (Moving Average Convergence Divergence) shows a negative crossover below the zero line, signaling weakness.
2) Key Levels For The Bank Nifty (49,259)
Resistance based on pivot points: 49,338, 49,525, and 49,828
Support based on pivot points: 48,731, 48,544, and 48,241
Resistance based on Fibonacci retracement: 49,409, 50,381
Support based on Fibonacci retracement: 47,864, 46,078
Special Formation: The Bank Nifty also formed a bullish candlestick pattern with a lower shadow on the daily charts, which is a positive sign. However, it remained in the lower band of the Bollinger Bands and below all key moving averages, continuing the lower high-lower low formation, signaling weakness. The index was up by 160 points.
Key Levels For The Nifty 50 (22,960)
Resistance based on pivot points: 22,981, 23,040, and 23,135
Support based on pivot points: 22,791, 22,733, and 22,638
Special Formation: The Nifty 50 formed a bullish candlestick pattern with a minor lower shadow on the daily charts after hitting the bottom line of the Bollinger Bands, but it continued the lower high-lower low formation. The index remained below all key moving averages (10, 20, 50, 100, and 200-day EMAs), with a negative bias in momentum indicators. The RSI (Relative Strength Index) stands at 39, and the MACD (Moving Average Convergence Divergence) shows a negative crossover below the zero line, signaling weakness.
2) Key Levels For The Bank Nifty (49,259)
Resistance based on pivot points: 49,338, 49,525, and 49,828
Support based on pivot points: 48,731, 48,544, and 48,241
Resistance based on Fibonacci retracement: 49,409, 50,381
Support based on Fibonacci retracement: 47,864, 46,078
Special Formation: The Bank Nifty also formed a bullish candlestick pattern with a lower shadow on the daily charts, which is a positive sign. However, it remained in the lower band of the Bollinger Bands and below all key moving averages, continuing the lower high-lower low formation, signaling weakness. The index was up by 160 points.
