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Nifty Prediction Today – 21st February 2024
Nifty is looking Bearish Today, as Market Sentiments are weak, so we expect Nifty to fall to 22,000 and then stay flat for the whole day.
Nifty is currently trading at 22.196 as it breached the resistance of 22,200 which is a major resistance zone for Nifty, but Nifty is just below its long coming trendline signals upcoming market fall to the 22,000 level, as there are more call OI than Put OI at 22,200.
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.
Updated
How To Trade in Nifty Today 21st February 2024
Gift Nifty indicates that Nifty may open slightly Gap Down today, so our support level comes into action, and based on the first 15-minute move we can set up a trade, as follows.
If Nifty is able to sustain above 22,180 then we can leave the Trade for Today in Nifty as there are major hurdles for Nifty in the Upper side, you can take a Trade in Bank Nifty as we Provided the Trade Setup.
But if Nifty Falls is below 22,180 then you can enter the market in Short Side till the market reaches 22,000.
It can’t seem that Nifty is Going up today as Sentiments are turning bearish and also the US Market was in Red yesterday.
One more thing to note is that today is Bank NIfty Weekly Expiry so, keep in mind that the Market may remain sideways for the whole day, in a range of 22,100- 22,200
Nifty Yesterday’s Overview of February 20, 2024
Nifty Opens Gap down yesterday just opposite as we predicted, but met our target as it moved upward to its next resistance of 22,200 after opening a 23.05 points Gap down. But now it’s facing resistance from the higher levels indicating a weak market.
After Opening the Gap Down nifty Somehow managed to move upside after making an intraday low of 22,045.85, breaking the resistance of 22,200 making an Intraday high of 22,215.60 and giving us a closing at 22,196.95 on the previous trading day, indicating the market weakening and further downside in today’s session.
If we look at the Nifty 50 stocks, where Powe Grid (+4.18%), Jio Financial Services (+2.81%), and one of the Index Heavyweights HDFC Bank (+2.63) gain the most, and on the opposite side Hero Moto Corp (-3.90%), Bajaj Auto (-2.52%), and Coal Indie (-2.03%) fell the most, more that 2%each.
Looking at sectors, the Banking Sector gained the most, and the IT sector fell the most.
Nifty Prediction for Today 21st February 2024
We are late for the prediction today,
Nifty Support and Resistance Level for 21st Feb 2024
In the image above we can see that Nifty is currently at its all-time high after a long time, breaking the resistance zone of 22,200 but unable to sustain and closing at 22,196, indicating that 22,200 is a big resistance for Nifty for today as Calls Open Interest are almost double as Puts.
So, for today 22,200 may act as a resistance but if we look further upside we can’t explain too much about any resistance as Nifty hasn’t reached there. But if we talk on the basis of Open Interests 22,300 and 22,500 have the most Call OI in the nearby upside, which might be a major hurdle for Nifty.
On the lower side, we can see that 22,180 is the point from where Nifty fell back in the previous trading session so we can consider it as immediate support.
Looking at lower levels, from where Nifty reacts previously is 22,125 followed by 22,000 which is the biggest support level for Nifty today as 22,000 has the most Put OI buildup currently.
Here are the levels for Nifty Today
Nifty Support levels
S1 – 22,180 (immediate Support, may not work properly)
S2 – 22,125
S3 – 22,000 (Strongest Support)
Nifty Resistance Levels
R1 – 22,200 (Current and important Resistance)
R2 – 22,300
R3 – 22,500
Happy Trading 🙂
