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Market Overview - Last Week [ 19-Feb-24 to 23-Feb-24 ]

Update Frequency: Weekly after Market Close

Nifty Daily Chart - EoD 23-Feb-24

Nifty daily chart

Key Market Data & Observation

Weekly :
Volatility: Average
Trend: Bullish Bias
Momentum: Weakening

Daily:
Price: Above Base Line and Ichimoku Cloud
Trend: Bullish Bias
Momentum: Weakening

Sectors OutPerformed Nifty 50:
– Auto
– FMCG
– Pharma
– Realty
– Metal
– Infrastructure

Sectors UnderPerformed Nifty 50:
– BankNifty
– Finance
– IT
– Energy
– Media

Nifty Future: Long Unwinding
Support Level (OI): 22000
Resistance Level (OI): 22500
Put-Call Ratio: 0.88
Option Max Pain: 22100

Stock Data:
FII – Net Seller (1.9K Crore)
DII – Net Buyer (3.5K Crore)

Future Data:
FII – Net Buyer (31.7K Crore)

Observation:

– Nifty Future: Long Unwinding, along with PCR at 0.88 down from last week. An indication loosing momentum in price
– BankNifty Future: Short Buildup, indication of price fall. Price is still above Base Line and inside Ichimoku Cloud, still direction neutral
– Nifty chart showing Immediate Resistance around 22300
– FII are still net Seller in Cash but huge buyer in Future. DII are net buyer in Cash segment
– Nifty PCR (Put-Call Ratio) is below 1, negitively biased and decreased since last week

Inference:

– Nifty has still bullish bias with immediate resistance around 22300, may remain in range of (22000-22300) level. Better to avoid any directional trade in short term
– BankNifty is still indecisive but negatively biased in direction, better to avoid bullish trade in short term

Outlook & Strategy for the Week [ 26-Feb-24 to 01-Mar-24 ]

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