NIFTY View For 22/02/2024

Manas Jaiswal Research Analyst Image

Yesterday, NIFTY opened almost flat and began trading in a narrow range of 22,250 to 22,170. In the last hour of trading, NIFTY broke below this range and fell sharply, finally ending below the 22,100 mark. On the daily chart, NIFTY has formed a “Bearish Engulfing” pattern, indicating a potential reversal. Therefore, one should consider taking fresh long positions only above 22,250. If NIFTY starts trading below 22,000, it may test its 20-day exponential moving average (20DEMA), which is positioned near 21,850

Nifty Imp Levels For 22/02/2024

Open 22248
High 22249
Low 21997
Close 22055
S 1 21952
S 2 21849
R 1 22203
R 2 22352

Actionable Ideas On Nifty for 22/02/2024

Action SL TGT
Buy above 22250 22174 22400
Sell below 21990 22061 21860
Show Timings
Manas Jaiswal Technical Research Group