Skip to main content

Trade setup for Friday: Top Important Analysis to know before the opening bell 17-Feb-2023

 

On Thursday (February 16, 2022), nifty opened gap up, as per our PickMyStox algo prediction. After sustaining the gap up for a while, Nifty retraced to fill the gap and closed.

Market Trend Analysis

Now let us look at the trends of NIFTY, BANKNIFTY, FINNIFTY & INDIA VIX for Friday (February 17, 2022) as predicted by our algo PickMyStox.

NIFTY Trend for Friday

  • Trend: strongest bearish reversal.
  • Trend Confirmation: price fall below 18000.65.
  • Targets: 17922.98, 17788.88.
  • Trend Failure Condition: price rise above 18057.08.
  • Failure Targets: 18134.75, 18139.96, 18191.18, 18325.28.
  • Resistances: 18108.31, 18139.96, 18191.18
  • Supports: 18005.86, 17974.21, 17922.98
  • Bears Zone: 18108.31-18134.75 (9.82X)
  • Pivot Zone: 18046.47-18067.70 (0.44X)
  • Bulls Zone: 18000.65-18005.86 (0.12X)
  • Breakout Rank: 7

BANKNIFTY Trend for Friday

  • Trend: mild bearish reversal.
  • Trend Confirmation: price stays below 41710.80.
  • Trade Condition: price fall below 41521.95.
  • Targets: 41428.28, 41340.97, 41253.65.
  • Pullback Condition: price rise above 41536.17.
  • Pullback Target: 41710.80.
  • Trend Failure Condition: price rise above 41710.80.
  • Failure Targets: 41979.10, 41993.32, 42080.63.
  • Resistances: 41885.43, 41993.32, 42167.95
  • Supports: 41536.17, 41428.28, 41253.65
  • Bears Zone: 41885.43-41979.10 (19.01X)
  • Pivot Zone: 41671.08-41750.53 (1.13X)
  • Bulls Zone: 41521.95-41536.17 (0.19X)
  • Sideways Rank: 6

FINNIFTY Trend for Friday

  • Trend: mild bearish reversal.
  • Trend Confirmation: price stays below 18622.83.
  • Trade Condition: price fall below 18541.85.
  • Targets: 18501.09, 18463.46, 18425.83.
  • Pullback Condition: price rise above 18547.58.
  • Pullback Target: 18622.83.
  • Trend Failure Condition: price rise above 18622.83.
  • Failure Targets: 18738.85, 18744.58, 18782.21.
  • Resistances: 18698.09, 18744.58, 18819.83
  • Supports: 18547.58, 18501.09, 18425.83
  • Bears Zone: 18698.09-18738.85 (80.73X)
  • Pivot Zone: 18605.32-18640.35 (0.91X)
  • Bulls Zone: 18541.85-18547.58 (0.15X)
  • Sideways Rank: 8

INDIA VIX Trend for Friday

  • Trend: mild bullish reversal.
  • Trend Confirmation: price stays above 12.08.
  • Trade Condition: price cross above 13.22.
  • Targets: 13.93, 14.50, 15.07.
  • Pullback Condition: price fall below 13.16.
  • Pullback Target: 12.08.
  • Trend Failure Condition: price fall below 12.08.
  • Failure Targets: 10.17, 10.23, 9.66, 9.09.
  • Resistances: 13.22, 13.93, 15.07
  • Supports: 10.94, 10.23, 9.09
  • Bears Zone: 13.16-13.22 (0.68X)
  • Pivot Zone: 11.67-12.50 (2.52X)
  • Bulls Zone: 10.17-10.94 (1.82X)
  • Sideways Rank: 6

Future OI Analysis

Let us find out long buildup, short buildup, long unwinding and short covering stocks based on the future price movement, open interest and volume.

Long Buildup Stocks

Based on the OI percentage, a long build-up was witnessed in 73 stocks on February 16, 2023. Top 10 long buildup stocks by volume are shown below:

Short Buildup Stocks

Based on the OI percentage, a short build-up was witnessed in 45 stocks on February 16, 2023. Top 10 short buildup stocks by volume are shown below:

Short Covering Stocks

Based on the OI percentage, a short build-up was witnessed in 51 stocks on February 16, 2023. Top 10 short covering stocks by volume are shown below:

Long Unwinding Stocks

Based on the OI percentage, a short build-up was witnessed in 9 stocks on February 16, 2023. Top 10 long unwinding stocks by volume are shown below:

 

Options OI Analysis

We considered weekly options open interest for this analysis

NIFTY Options Open Interest Analysis

On a weekly basis, the maximum near by Call open interest (OI) was at 18,100 strike, which can act as a resistance for the coming week of the February series.

And maximum near by Put open interest (OI) was at 18,000 strike, which can act as a support for the coming week of the February series.

BANKNIFTY Options Open Interest Analysis

On a weekly basis, the maximum near by Call open interest (OI) was at 42,000 strike, which can act as a resistance for the coming week of the February series.

And maximum near by Put open interest (OI) was at 41,500 strike, which can act as a support for the coming week of the February series.

 

FII and DII data

Both Foreign institutional investors (FII) and domestic institutional investors (DII) positions in stocks, Options & futures are shown below.

 


Disclaimer: These are only suggestive technical rules that have been found to work well over time in the market. These are not any trading or investing recommendations. We suggest you to take advice from certified experts for trading and investing. Neither PickMyStox nor any of its associates are responsible for any trading or investing loss.

Topics:

Comments

Post a Comment

Popular Tutorials

India's Q1 FY24-25 GDP Slowdown: How Share market will react?

India's Q1 FY24-25 GDP growth rate has decelerated to 6.7% from 8.2% in the previous year. This news has sparked mixed reactions in the market, with analysts and investors weighing the implications for the country's economic outlook. Key Takeaways  * Mixed Bag : While the slowdown indicates a cooling economy, which could help alleviate inflationary pressures, it also raises concerns about the sustainability of India's growth momentum.  * Market Reactions : The news is likely to have varying impacts on different asset classes:    * Equity Markets : A potential negative reaction due to concerns about India's growth prospects. However, if the slowdown is seen as temporary, the impact could be limited.    * Bond Markets : A potential positive reaction as investors may perceive lower inflation risks.    * Currency Markets : The Indian rupee could weaken against the US dollar as investor confidence in the economy may decline. However, the Re...
Post a Comment
Read more

Reliance Q1 Result: What is Good, Bad and Ugly?

Reliance Industries' Q1 results were a mixed bag, with positive aspects in revenue growth countered by a decline in net profit. The Good  * Revenue grew 12% year-on-year, driven by higher realizations in the oil-to-chemical (O2C) business.  * Reliance Retail, the company's retail arm, saw strong growth in both revenue and profit, indicating continued momentum in the segment.  * Jio, Reliance's telecom arm, also reported a marginal increase in profit quarter-on-quarter. The Bad  * Net profit fell 5.4% year-on-year, primarily due to rising input costs. This decline disappointed some investors who had anticipated higher profits.  * Jio's profit growth fell short of some analysts' expectations. The Ugly  * EBITDA margin narrowed by 1.5 percentage points year-on-year, indicating pressure on profitability. Overall Reliance's Q1 results paint a mixed picture. While revenue growth is a positive sign, the decline in net profit and margin compression rais...
Post a Comment
Read more