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Daily Market Analysis 14 Feb 2023 Tuesday

Market Structure : Bearish / Sell on Rise

Based on today’s Price Action, Nifty and Bank Nifty both are in Bearish Trend in Near Term. And also we should remember, short term trend is bearish.

Nifty Analysis :

1. Nifty closed lower today
2. Nifty is clearly in a Trend Channel from last few days. See 15 Minutes chart below.
3. There is a selling zone for tomorrow around 17800, which is the recent swing high before today’s closing.
4. If Nifty opens below this level, any pull back to this level will act as resistance.
5. If Nifty opens above this level, any pull back to this level will act as support.
6. There is a strong resistance around 17970.
7. There is a support around 17560 level.
8. Nifty is still trading in trend channel. see Hourly Chart below.
9. If Nifty crosses upper trend line, then the trend will change from bearish to bullish for short term and long term. See Hourly Chart below.
10. Last week Nifty traded in between the levels that I provided in my Monday analysis. See Hourly Chart below.

Nifty Weekly Options Data :

• You can access the Nifty Historical Options Data for 13th Feb 2023
• Option sellers are writing heavy calls for this expiry at 17800 and above till 18000
• Highest OI on call side is at 18000 call
• High OI on put side is at 17800 put
• Put Call Ratio is at 0.61, which is bearish sign.

Bank Nifty Analysis :

• Bank Nifty is trading in a range from last few days.
• There is a selling zone for tomorrow around 41400 level
• If Bank Nifty opens below this level, any pull back to this level will act as resistance.
• If Bank Nifty opens above this level, any pull back to this level will act as support.
• There is a strong resistance at 42000
• There is a support around 40400
• Bank Nifty is trading below the previous breakdown level. See Hourly Chart below
• If Bank Nifty crosses the trend line in Hourly Chart, then there is no need to be in bearish side.
• Last week Bank Nifty traded in between the levels that I provided in my Monday analysis. See Hourly Chart below.

Bank Nifty Weekly Options Data :

• You can access the Bank Nifty Historical Options Data for 13th Feb 2023
• Option sellers are writing heavy calls for this expiry at 41500 and above
• Highest OI on call side is at 41500 call
• High OI on put side is at 41500 put
• Put Call Ratio is at 0.59, which is bearish sign.

Final Thoughts :

1. Nifty and Bank Nifty closed lower today
2. There is a selling zone for tomorrow, based on where the market opens we can trade this level.
3. Options Data is also negative.

If you are seeing anything else other than what I’m seeing from this data, post your view below in the comments section.

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Disclaimer : I’m not a SEBI registered analyst, these are my views only.