Nifty Technical Analysis for Feb Expiry

Wednesday, February 22 Leave a Comment

  • FII's sold 3.9 K contract of Index Future worth 272 cores , 10.1 K Long contract were added by FII's and 14 K short contracts were added by FII's. Net Open Interest increased  by 24.1 K contract, so rise in market was used by FII's to enter long and enter short in  Index futures. The Role of Regret in Trading
As discussed in last analysis   Bulls now need a close above 8910 as its the gann angle resistance as shown in below chart, closing above it Nifty can move towards 8981/9050/9120. Range of 8900-9000 is again supply zone as nifty so move will be slow and time confusing, more time spent around this range better for market for the next leg of upmove. Bearish only on close below 8788 for a move towards 8720/8681. High made today was 8960 near our target of 8981 and closed above 8910 suggesting another attempt will be made to break the range of 8981 for next move towards 9050/9120. As the market moves higher

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