Pre - Market Analysis (21st Feb 2023)

1. U.S Markets were shut Yesterday.

2. Right now , U.S Futures are trading lower.

3. Asian markets are lower.

4. SGX Nifty is flat.

5. There was a huge selling pressure across both the indices Yesterday as well.

6. Nifty closed at the lowest point of the day.

7. Yesterday we had mentioned that 18000 CE has the highest open interest for current expiry.

8. Nifty turned from 18000 levels itself.

9. Market texture has turned highly bearish now.

10. 17900 CE also added huge open interest yesterday.

11. Bank Nifty is looking much more weaker than Nifty.

12. 17750 is the immediate support now.

13. Once this is taken out we would be heading towards budget day low.

14. There might be some pull back rallies in between.

15. These rallies would be eventually sold into

16. Unless there's some positive news and shorts are trapped we can't expect a closing above 18k.

17. While all the other markets are higher by 2-4% in Feb.

18. We are still negative .

19. This is majorly due to the Adani Saga.

20. 17750 to 18000 is the range for nifty now.

21. Trading at extremes of the range is advisable for risk reward in your favour.

22. View is Bearish for now.

23. Nifty might trade between 17750 to 18000 today.

24. stockmarketadvisory.in

Comments

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