Nifty Prediction Today – 16th February 2024. The market is Looking for a New High.

Yesterday was the Nifty 50 Weekly Expiry, and the Market remains Sideways, as we Predicted in our Previous Nifty Prediction for 15th Feb 2024.

But what for Today,

Both Nifty 50 and Bank Nifty are at their Resistance Levels, hence Nifty may be Sideways today to trap retailers, but if it opens GapUp above 22,000, then we can see further Upside movement to the previous all-time high of 22125 level.

Yesterday’s Market Overview

Nifty opened Gap-Up at 21,923.25 on Thursday but wasn’t able to Sustain it and started falling taking immediate support at the current most support level of 21,800, and remains sideways within our predicted range of 21800 – 22,000, trapping the retailers.

It makes an Intraday high of 21,953.85 with healthy green candles in a row at 5 min chart, but nothing happens as it expires at 21927.05.

Must Read – Bank Nifty Prediction Today 16th Feb, 2024

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

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Look at the Image above of FIIs and DIIs Data from Sensibull and you can see that FIIs are just a little Bullish on all the major Indices except Finnifty, hence we saw Nifty Trade Sideways the whole Day, after opening 66 points higher from the previous day’s closing.

This is the 3rd consecutive day when FIIs are bullish on Indian Markets indicating the change in Sentiments, hence we can say that the smart money/big players are ready to take Nifty to the Next high in coming trading sessions.

However FIIs are the key players in F&O segments in Indian Markets and they are right most of the time, but in the previous day’s Options, they are somehow wrong in Put Options, as the Put Option premium loses its value marginally faster than the call options, indicating market is turning Bullish.

Nifty 50 Prediction for Today (16th February 2024)

First, In my opinion, On 16th February 2024 Nifty may open gap up, above the 22,000 level, and continue its upward movement, as it forms a Double bottom pattern on the 30-minute chart, and also forming a green Doji Candle on the Daily Chart, and if Nifty opens gap up above the 22,000 level and sustains then it must break the previous all-time high of 22126.80 and makes a new all-time high.

Second, if Nifty opens Quitely then there is a huge possibility that it might not cross the 22,000 level as there is a big resistance and start consolidating between 21,800 and 22,000, as both Nifty and Bank Nifty are at their Resistance Levels (there is very little chance of a Second Prediction, as Puts Sellers are being more aggressive).

Nifty Support and Resistance for Today

The nifty 50 is around its all-time high again after falling from the 22,126 level on 2nd February 2024. But this time approach is different and the market is set to boom again, as Nifty is slowly making an Upward move from the last 3 trading sessions, even after opening Gap Down.

Currently, Nity is at 21,927 and looking for 22,000 which is a major resistance if we look at previous trading day data, as nifty slipped two times from this level previously, and on the other side 21,800 is working as a strong support as Nifty is bouncing back from 21,800 again and again.

How to Trade in Nifty Today on 16th February 2024.

Yesterday was the Nifty 50 weekly Expiry and Nifty Traded Sideways the whole day and managed to sustain above its support zone of 21,800, and also FIIs are bullish on the Indian Market, and the main thing is that “HDFC Bank” is turning Bullish, as it is up by +30 points (+2.17%) on Thursday, even though the major Private sector Banks are in Red including, ICICI Bank, Axis Bank, Kotak Mahindra Bank, indicating that Nifty is being Strong.

Hence,

We first look at its opening Bell, and if Nifty opens Gap Up then wait and look for Nifty to Break the current Resistance at 22,000 with healthy Green Candle and Take Support at that level, then we can look for Nifty to Break the previous All Time High.

Second, If Nifty Opens Flat, then We can go for a Long Call till Nifty touches 22,000, and wait for the Next Move on either side, and if nifty either Break the Resistance or Fall Back we can go for that directly till immediate Support and Resistance.