Today, February 14, the Indian stock market is likely to open on a higher note on the back of encouraging global cues and indications from the Gift Nifty. The Gift Nifty was placed at around 23,195, showing an 87-point premium of Nifty futures' previous close.
Market Recap: February 13
On Wednesday, the local market closed lower for the seventh
consecutive session, as the Sensex fell 0.04% to 76,138.97 and the Nifty 50
dropped 13.85 points to close at 23,031.40. The Nifty generated a small red
candle with a long upper shadow, which signifies weakness in the upside
momentum.
Key Levels to Watch Today
- Resistance Levels: 23,100 and 23,200
- Support Levels: 22,800 and 23,000
- Breakout Level: A convincing move above 23,250 would affirm a near-term bottom reversal structure.
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Technical Indicators Indicate Cautiousness
The MACD indicator is still below the zero line, indicating
a bearish bias.
A double-bottom structure on the daily chart indicates a
possible bounce, but confirmation of the close above 23,200 is required.
The ADX DI- line is declining, and the DI+ line is rising, indicating upside momentum.
Bank Nifty Outlook
Bank Nifty settled at 49,359.85, down 0.24%.
The index remained above the 23.6% Fibonacci retracement
mark (49,270), exhibiting some strength.
A clear breakout above 50,130 (38.2% Fibonacci retracement
level) is required for a strong up trend.
- Support levels: 48,700 | Resistance levels: 49,500 - 50,130
- Options Data: Resistance at 23,200
Options data reflects highest Call OI at 23,100 and highest
Put OI at 23,000, showing tough resistance in the vicinity of 23,200.
Bottom Line
The market is ready for a gap-up opening, but long-term
movement above 23,200 will be the driving force behind more upside. Key
technical levels, options data, and worldwide cues should be observed by the
trader to check market momentum.
Disclaimer: This is not investment advice. Investors are
advised to seek certified experts' advice before making any trading decisions.
