Nifty Prediction Today – 15th February 2024. Be Ready for the 22,000 Mark.

Today is the Nifty 50 Weekly Expiry, and we are expecting Nifty to close below 22,000.

First of all, Indian markets are turning Bullish after weeks of weak Trading Sessions, spreading a positive vibe among Traders and Investors. FIIs are also turning Bullish, especially in Call Options, hence we are expecting the Nifty 50 to touch the 22,000 Mark Today.

So, first, take a look at Previous Day Market,

Yesterday’s Market Overview

Nifty and Bank Nifty both opened more than 0.5% lower in Wednesday’s trading session, amid weak Global Cues and a sharp fall on Wall Street overnight after disappointing Inflation results leaving no cues for further Interest rate cuts till July (expected).

But the Indian Market already has a couple of weak Trading sessions, and markets are on their support level, where Nifty taking Support at 21,500 and Bank Nifty is Taking Support at the 45,000 level, resulting in moving both the key indices up all day where Nifty closes at 21848, breaking the resistance level of 21,800 and Bank Nifty touches it Intraday high of 46181.20 (1%) but because of weekly Expiry we saw a fall, and Bank Nifty closes at 45,920.55.

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FIIs, DIIs, and Pros Data (What they want to do)

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FIIs are the key players and most of the time they are right especially in Futures and Options, meaning if they are bullish of something means that security is ready to go upward.

So, in the Above data from Sensibull, you can see that FIIs are Bullish on all Indices except Nifty, but still, Nifty Managed to close +96.80 points higher because of the major Banking Players (HDFC and ICICI Bank), and this is the 2nd Consecutive day in which FIIs are bullish on Indian Market and is expected to continue the trend in Today’s Trading Session too.

But, the Most Important thing to note which most of you might missed is Index Options, and as you can see FIIs are strong bearish on Put Options, and Medium Bullish on Call Options, which means the Premium of Put Options depriciates much faster than Call Options.

Nifty 50 Prediction for Today (15th February 2024)

First of All, Nifty closed 0.45% up on Wednesday, after a Gap-down Opening, and managed to sustain above the resistance zone of 21,800 ending with a healthy Green Candle indicating Further Upside towards 22,000 and 22,125 levels.

The second thing to note is that Nifty is making a Double Bottom Pattern on the chart, taking support at 21,535 indicating that it will further move towards 22,000 levels which is the current Resistance, and if it sustains on that level and then move upward with health green candle, then we can look towards a new all-time high after the breakout of previous all-time high of 22,125.

Third, if we Look at Open Interest Data (image below in the Support and Resistance section), we see that there are 1.14 Cr Call Options are Shorted that act as major resistance, and on the Put side 21,800 level acts as a strong support for the market.

Important- This means Nifty may be sideways and trade between 21,800 and 22,000 on Thursday 15th February 2024, as the PCR is 1.0 as of 14th February 2024.

Nifty Support and Resistance for Today

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As you can see in the Nifty 50 chart for 15th Feb Expiry, the most Call OI buildup is on the 22,000 level (1.14cr) which acts as an immediate and the biggest Resistance for the Nifty 50 to go Up.

On the Other hand, the most Put OI Buildup is on the 21,500 level (87.93 Lac), but 21,600 which has 87.01 lac put OI, 21,700 which has 81.21 lac Put OI, and the most recent 21,800 which has 68.85 lac Put OI acts as key support for Nifty.

How to Trade in Nifty Today (Expiry Day)

Today is the Nifty 50 Weekly Expiry and we expect that the market will be more volatile as the Sentiment is bullish, but previous Weak Trading Sessions played an important role in putting the Nifty 50 below 22,000.

So, the Idea is,

• If the Market Opens Flat, then you can look for Nifty to touch 20,000 mark,
• Once touch the 20,000 Mark, observe the sentiment of the Market, and if it seems Weakning then you can expect a drop till the immediate support level 21,800.
• If Nifty Opens Gap Up then wait for the breakout of the 22,000 mark and if the Breakout happens with a healthy candle then you can look for the Previous all-time high of 21,125.
• If the Breakout of 22,000 doesn’t happen then the market will fall sharply to find support at 21,800, 21,700or 21,600 levels.

Note – This is not any Buy or Sell Recommendation, its purely for Educational Purpose.