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Daily Market Analysis 23 Feb 2023 Thursday

Market Structure : Bearish / Sell on Rise

Nifty and Bank Nifty are in Bearish mode from last few days, It is sell on rise market until it closes higher again on daily timeframe.

Nifty Analysis :

1. Nifty opened gap down below important support level, retested it and started falling in intraday.
2. Nifty retested the levels, that I’m tracking
   • Nifty retested 17770 and 17580 level
   • And on the upside I’m tracking these 4 levels
     • 17860
     • 17960
     • 18060
     • 18120
   • I’m expecting these above levels will be retested soon.
3. I’ve expected a pull back till 61.2% Fib Level, but today Nifty retested till 17530 level, which is almost 78.6% Fib Level.
4. If today low sustains, Nifty may go higher. Or if today’s low breaks, Nifty may test the Budget day’s low.
5. Nifty closed below 200 MA in Daily Timeframe.
6. I’m watching a selling zone around 17650 in intraday.
   • If Nifty opens below this level, any pull back to this level will act as resitance.
   • If Nifty opens above this level, any pull back to this level will act as support.

Nifty Options Data :

1. You can access the Nifty Historical Options Data for 22nd Feb 2023
2. Option Sellers are holding heavy call writing positions at 17700 and above.
3. Highest Put OI is at 17500
4. Put Call Ratio is at 0.55, which is a bearish sign
5. Tomorrow is Monthly Expiry, so anything is possible.

Bank Nifty Analysis :

1. In last 5 days, Bank Nifty made a trending day on almost 4 days.
2. I’m tracking a buying zone from budget day,
   • Bank Nifty closed below that level today.
   • I’m tracking few levels in Bank Nifty, Bank Nifty may retest these level in future.
     • 40660
     • 41180
     • 41710
     • 41840
   • I’m expecting these above levels will be retested soon.
3. If today low sustains, Bank Nifty may go higher. Or if today’s low breaks, Bank Nifty may test the Budget day’s low.
4. Bank Nifty is bearish than Nifty.
5. I’m watching a selling zone around 40110 in intraday.
   • If Bank Nifty opens below this level, this level will act as resitance.
   • If Bank Nifty opens above this level, this level will act as support.

Bank Nifty Options Data :

1. You can access the Bank Nifty Historical Options Data for 22nd Feb 2023
2. Option Sellers are holding heavy call writing positions at 40500 and above.
3. Highest Put OI is at 40000 strike
4. Put Call Ratio is at 0.47, which is a bearish sign.

Final Thoughts :

1. Nifty and Bank Nifty are in down trend from last few days.
2. Nifty is trading at 78.6% Fib Level, If this level holds we can expect upside momentum.
   • If this level breaks, Nifty and Bank Nifty may test the Budget day low.
3. Nifty spot closed below 200 Days Moving Average in Daily Timeframe.
   • Tomorrow is important, if tomorrow sustains below 200 Day Moving Average, that is not good sign for markets.
   • If tomorrow, Nifty closes above 200 Day Moving Average that is a good sign. Buyers are not allowing the market to close below key level of 200 MA.
4. There is a selling zone, in Nifty and Bank Nifty. Based on the opening price, can trade tomorrow.
5. My view for tomorrow is sideways to bearish after a trending day.
   • Market may take a pause after a trending day.
   • Market can continue the trending move, second day as well. But we should remember one thing this this is the fifth continuous day in bearish trend.
   • Tomorrow is monthly expiry, If market opens above the zone I marked, it can move higher as well. Anything is possible in this market.
   • If market opens below the zone I marked, it can move lower as well.
6. Have a Profitable Expiry.

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.