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Trade setup for Thursday: Top Important Analysis to know before the opening bell 16-Feb-2023

On Wednesday (February 15, 2022), nifty opened gap down, opposite to our PickMyStox algo prediction. Nifty retraced 50% of the Tuesday's rally and recovered to fill the gap and resumed the trend predicted by our PickMyStox algo. As soon as it crossed the bears zone, nifty rallied and closed above 18,000.

Market Trend Analysis

Now let us look at the trends of NIFTY, BANKNIFTY, FINNIFTY & INDIA VIX for Thursday (February 16, 2022) as predicted by our algo PickMyStox.

NIFTY Trend for Thursday

  • Trend: sideways to positive.
  • Trend Confirmation: price stays above 17967.92.
  • Trade Condition: price cross above 18036.79.
  • Targets: 18079.34, 18113.78, 18148.22.
  • Pullback Condition: price fall below 18034.10.
  • Pullback Target: 17967.92.
  • Trend Failure Condition: price fall below 17967.92.
  • Failure Targets: 17853.80, 17856.49, 17787.62.
  • Resistances: 18036.79, 18079.34, 18148.22
  • Supports: 17899.04, 17856.49, 17787.62
  • Bears Zone: 18034.10-18036.79 (3.77X)
  • Pivot Zone: 17943.95-17991.88 (1.37X)
  • Bulls Zone: 17853.80-17899.04 (1.27X)
  • Sideways Rank: 8

BANKNIFTY Trend for Thursday

  • Trend: strongly bullish.
  • Rally Condition: price cross above 41795.45.
  • Targets: 42000.55, 42170.48, 42340.40.
  • Pullback Condition: price fall below 41790.52.
  • Pullback Target: 41660.70.
  • Trend Failure Condition: price fall below 41660.70.
  • Failure Targets: 41455.60, 41320.85, 40981.00.
  • Resistances: 41790.52, 41870.73, 42000.55
  • Supports: 41530.88, 41450.67, 41320.85
  • Bears Zone: 41790.52-41795.45 (2.24X)
  • Pivot Zone: 41625.53-41695.88 (0.55X)
  • Bulls Zone: 41455.60-41530.88 (0.6X)
  • Breakout Rank: 6

FINNIFTY Trend for Thursday

  • Trend: sideways to positive.
  • Trend Confirmation: price stays above 18598.30.
  • Trade Condition: price cross above 18663.00.
  • Targets: 18702.15, 18734.25, 18766.35.
  • Pullback Condition: price fall below 18662.50.
  • Pullback Target: 18598.30.
  • Trend Failure Condition: price fall below 18598.30.
  • Failure Targets: 18494.95, 18494.45, 18430.25.
  • Resistances: 18662.50, 18702.15, 18766.35
  • Supports: 18534.10, 18494.45, 18430.25
  • Bears Zone: 18662.50-18663.00 (0.34X)
  • Pivot Zone: 18578.98-18617.63 (0.79X)
  • Bulls Zone: 18494.95-18534.10 (0.83X)
  • Breakout Rank: 9

INDIA VIX Trend for Thursday

  • Trend: mild bullish reversal.
  • Trend Confirmation: price stays above 12.53.
  • Trade Condition: price cross above 13.45.
  • Targets: 13.87, 14.29, 14.70.
  • Pullback Condition: price fall below 13.36.
  • Pullback Target: 12.53.
  • Trend Failure Condition: price fall below 12.53.
  • Failure Targets: 11.28, 11.19, 10.77, 10.36.
  • Resistances: 13.36, 13.87, 14.70
  • Supports: 11.70, 11.19, 10.36
  • Bears Zone: 13.36-13.45 (5.42X)
  • Pivot Zone: 12.37-12.70 (1.29X)
  • Bulls Zone: 11.28-11.70 (1.54X)
  • Sideways Rank: 2

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 108 stocks on February 15, 2023.

Short Buildup Stocks

Based on the OI percentage, a short build-up was witnessed in 27 stocks on February 15, 2023.

Short Covering Stocks

Based on the OI percentage, a short build-up was witnessed in 45 stocks on February 15, 2023.

Long Unwinding Stocks

Based on the OI percentage, a short build-up was witnessed in 9 stocks on February 15, 2023 

 

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 18,200 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 17,800 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 41,000 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.

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