Nifty Prediction Today – 20th February 2024. Will it Take Support at 22,000

Nifty made a new all-time high of 22,186.65 on Monday’s Trading session but is unable to sustain, as the index is facing resistance from the upper level and closes just below its previous all-time high of 22,127, indicating a further upmove to 22,200 and 22,300 as this looks like 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.

Also Read – Bank Nifty Prediction Today 20th February 2024

Nifty Yesterday’s Overview

On Monday 19th Feb 2024, the Nifty 50 opened at 22,107, up by 71 points compared to the last trading day, but unable to sustain in the early trade and fell immediately making an intraday low of 22018, indicating a strong support zone created at 22,000 level that pushes Nifty upward to 22,186 breaching the Previous all-time high.

But in the last hour, after 2 pm Nifty started falling and closed at 22,122 up by 81 points or 0.37% from the previous closing.

Looking at the Nifty 50 stocks where Grasim Industries gains the most, up by +2.99%, and on the opposite side, Coal India Fell the Most, down by 3.96%. There were not any major losses to any stocks as the market sentiment is turning bullish.

Also Read – Best Indicators to use to make the most in Options Trading.

Nifty Prediction Today for 20th February 2024.

Nifty is Currently in an Uptrend and trading on a Trendline indicating that it continues to trade at the trendline in the Upcoming Trading Sessions.

In the image above you can see that Nifty just broke its previous all-time high and made a new all-time high of 22186 but is unable to maintain the position and slips below the previous all-time high the best thing is that Nifty is currently trading on the Trendline and in the last trading hour it falls and takes support at the trendline, indicating further up move to the upper levels (shown in the chart above).

Important:- Looking ahead for Today, Nifty may open Gapup above 22,150 and continue to move upside as there is not any major resistance for Nifty after 22,200 till 22,500, and if you are an Intraday Trader do check Nifty for the Pullback to enter the Trade as you don’t know where’s the next hurdle.

Currently, the PCR is 1.19 as more OI are building up at the 22,000 and lower levels strengthening the Support for Nifty.

But be cautious when you are trading, as the Market is making new all-time highs, and a sudden Bad News can break the Market taking it down to 22,000 or 21,800 or even lower levels.

Nifty Support and Resistance for Today 20th Feb 2024.

In the Above Image, the Green lines are the Support area and the Red line is the Resistance Area, and as you can see there is a trend coming from the lower levels which also acts as a support.

Where in the image you can see that there is immediate Resistance at the 22,100 level and immediate Support at the 20,000 level followed by 21,850 and 21,800.

But we also need to look at the Open Interest data to get accurate numbers, hence looking at the PCR Data Below

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Look at the OI Data for the 22nd Feb Expiry of Nifty and the OI data Change of 19th Feb. As you can see there is more Put OI building Up at the 22,000 and the lower level which acts as a strong support. But you can see that there are more OI building on the 22,100 level on yesterday’s trading session indicating that the market is strong and nifty and may make upside moves from here.

Here are the Support and Resistance Levels of Nifty for 20th eb 2024.

How to Trade in Nifty 50 Today

We are expecting Nifty to open gap up above 22,150 away from clashes with the Put and Call Interests building up at the 22,100 level. And If Nifty Opens GapUp above 22,150 then you must until Nifty reaches at any round figure either 22100 or 22,200.

So, Here is the Trading Setup for Today in Nifty

Once Nifty Reaches 22,200 wait for Nifty to sustain or take support at the Trend line shown in the image above so that you can make a Trade in the direction of the trend with the target of 22,300 (As Nifty is currently at an all-time high, we are assuming Resistance at the Round Numbers, including 22,200 and 22,300).

If Nifty Opens flat, then you can expect Nifty to fall to 22,000 and then trade sideways, between 22,000 and 22,100.

If Nifty opens Gap Down then Wait for it to Take Support at 22,000 then go long till 22,125, but if it falls below 22,000 then you can go sort till 21,800.

Happy Trading 🙂