Nifty Prediction Today 19th Feb 2024. Go Long if Nifty Opens Gap up

Nifty is set for a New High as Long Buildup is seen on 22,000 Levels making 22,000 a new support area for Nifty to rally further to the Previous high of 22125, and so on.

Analyzing for Today, Both Nifty 50 and Bank Nifty are a bit above from their Support Level of 22,000 and 46,200 respectively, indicating Trend Strengthening in the Market.

In this Nifty Prediction Today – 19th February 2024

Yesterday’s Market Overview

On Friday 16th Feb 2024, Nifty Opens Gapup above its resistance zone of 22,000, however, managed to sustain above 22,000 and remain sideways for the whole day.

And, as we Predicted Nifty remains sideways making an intraday high of 22,068.65 after opening a 0.5% gap up at 22,020.30, Trapping the Retailers.

Also, Bank Nifty acts the same and remains sideways the whole trading day after opening the gap up by 236 points.

The Good News about the previous Trading session is that both Nifty and Bank Nifty are able to sustain above their Resistance zone.

Also Read – Bank Nifty Prediction for Today – 19th Feb 2024.

FIIs, DIIs, and Pros Data (What Are they Indicating)

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As you can see in the Above Image, FIIs are Bullish on the Indian Market, but because of the large trading volumes, the market remains flat after opening a 0.5% gap up.

Basically, FIIs and DIIs want to trap the retailers as they do not want them to exit from the positions who enter first and don’t let the New player enter as FIIs are preparing for an aggressive move.

That’s why you saw that Index Options have not changed so much even after Gapup opening, both Call and Put Premiums remain the same as the opening price, indicating Strength in the Market, as both of the Index are above their Resistance zone.

And, If you observe closely FIIs are Net Bearish on the Market (img. 2) as they shorted more Calls than Puts but still Market is not Falling indicating further Bullishness in the Market.

Nifty Prediction for Today (19th February 2024)

Nifty is Ready for an Upmove on Monday 19 February, as Nifty Breaches its important Resistance of 22,000 on Friday and is able to sustain over it for the whole day.

Once the Resistance Breaches it now acts as a Support Zone as the sellers Trail their Position to the Upper Levels, and you can also see it in action in the Open Interest Chart as the Put Sellers are increasing gradually on the 22,000 level.

Important- So, for Today Nifty might Open a Gap Up above 22,100 which is currently the biggest immediate resistance, and if able to Sustain over 22,100 then we can look for Nifty to break the previous all-time high and touch 22,200.

But If Nifty Faces Resistance from the 21,100 level then it can possibly take support at 22,000 and then go upward (because the market is currently in the Uptrend).

But be careful, if Nifty Opens Gapup or Flar or Gap down but if it faces resistance from the 22,000 level, there may be a Freefall taking Nifty to 21,800 levels.

Note:- For the Most Accurate Data you can revisit this Page after 11:00 AM (during Trading hours), so we can update the data after analyzing the Market.

Nifty Support and Resistance for Today, February 19, 2024.

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Look at this Open Interest Data of Nifty 22nd February Expiry, You can see that Put Open Interests are Increasing aggressively, as the Market Breaches the Important Resistance level of 22,000 and continues to trade above it, for the 2nd consecutive day.

Where the Nifty is currently at 21,040 even though there are more Put Open interests on 21,050, indicating that 22,000 is now the strongest Support for the Nifty 50 and the market will not fall from here in the near period.

So, here are the Current Support and Resistance Levels for Nifty

How to Trade in Nifty 50 Today

For Trading in Nifty 50 on 19th Feb 2024, we first look at its opening,

Here are the Strategies,

1st – If Nifty Opens Flat, then wait for it to take support at 22,000 and only then initiate the trade if it breaks in a direction with a healthy candle till its nearest support or resistance levels.

2nd – If Nifty Opens Gap up then wait for it to sustain over its previous all-time high then only take long positions to the next resistance levels, and if it faces resistance from the upper levels then go for short until it reaches 22,000 again.

3rd – If Nifty Opens Gap Down (which does not seem happening) then wait for the Market to react at 22,000, and if it resists from 22,000 and starts falling then initiate the short trade, and if breaks again and moves above 22,00 then wait and watch for a Pullback.

Note:- For the Most Accurate Data you can revisit this Page after 11:00 AM (during Trading hours), so we can update the data after analyzing the Market.

Happy Trading 🙂