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Trade setup for Wednesday: Top Important Analysis to know before the opening bell 15-Feb-2023

On Tuesday (February 14, 2022), nifty opened as predicted by our PickMyStox algo. After sustaining the price above daily CPR and crossing the daily resistance - previous day high (R1-PDH) nifty travelled in upside direction and touched WR1-PWH (weekly resistance 1 and previous week high zone).

Market Trend Analysis

Now let us look at the trends of NIFTY, BANKNIFTY, FINNIFTY & INDIA VIX for Wednesday (February 15, 2022) as predicted by our algo PickMyStox.

NIFTY Trend for Wednesday

  • Trend: sideways to positive.
  • Trend Confirmation: price stays above 17894.82.
  • Trade Condition: price cross above 17954.55.
  • Targets: 17990.30, 18019.81, 18049.32.
  • Pullback Condition: price fall below 17953.84.
  • Pullback Target: 17894.82.
  • Trend Failure Condition: price fall below 17894.82.
  • Failure Targets: 17800.05, 17799.34, 17740.32.
  • Resistances: 17953.84, 17990.30, 18049.32
  • Supports: 17835.80, 17799.34, 17740.32
  • Bears Zone: 17953.84-17954.55 (0.02X)
  • Pivot Zone: 17877.30-17912.33 (1.79X)
  • Bulls Zone: 17800.05-17835.80 (3.88X)
  • Breakout Rank: 10

BANKNIFTY Trend for Wednesday

  • Trend: sideways to positive.
  • Trend Confirmation: price stays above 41520.70.
  • Trade Condition: price cross above 41720.20.
  • Targets: 41843.45, 41943.20, 42042.95.
  • Pullback Condition: price fall below 41718.00.
  • Pullback Target: 41520.70.
  • Trend Failure Condition: price fall below 41520.70.
  • Failure Targets: 41195.75, 41197.95, 40998.45.
  • Resistances: 41720.20, 41843.45, 42042.95
  • Supports: 41321.20, 41197.95, 40998.45
  • Bears Zone: 41718.00-41720.20 (0.02X)
  • Pivot Zone: 41456.88-41584.53 (1.5X)
  • Bulls Zone: 41195.75-41321.20 (7.43X)
  • Sideways Rank: 10

FINNIFTY Trend for Wednesday

  • Trend: sideways to positive.
  • Trend Confirmation: price stays above 18546.93.
  • Trade Condition: price cross above 18621.00.
  • Targets: 18666.76, 18703.80, 18740.83.
  • Pullback Condition: price fall below 18619.50.
  • Pullback Target: 18546.93.
  • Trend Failure Condition: price fall below 18546.93.
  • Failure Targets: 18425.60, 18427.10, 18353.03.
  • Resistances: 18621.00, 18666.76, 18740.83
  • Supports: 18472.86, 18427.10, 18353.03
  • Bears Zone: 18619.50-18621.00 (0.05X)
  • Pivot Zone: 18522.55-18571.32 (6.01X)
  • Bulls Zone: 18425.60-18472.86 (2.45X)
  • Breakout Rank: 10

INDIA VIX Trend for Wednesday

  • Trend: strong bullish reversal.
  • Trend Confirmation: price cross above 13.68.
  • Targets: 13.95, 14.19, 14.42.
  • Trend Failure Condition: price fall below 13.19.
  • Failure Targets: 12.45, 12.43, 11.96.
  • Resistances: 13.66, 13.95, 14.42
  • Supports: 12.72, 12.43, 11.96
  • Bears Zone: 13.66-13.68 (0.57X)
  • Pivot Zone: 13.07-13.32 (0.54X)i
  • Bulls Zone: 12.45-12.72 (0.54X)
  • Breakout Rank: 5

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 58 stocks on February 14, 2023.

Short Buildup Stocks

Based on the OI percentage, a short build-up was witnessed in 75 stocks on February 14, 2023.

Short Covering Stocks

Based on the OI percentage, a short build-up was witnessed in 41 stocks on February 14, 2023.

Long Unwinding Stocks

Based on the OI percentage, a short build-up was witnessed in 19 stocks on February 14, 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 18,000 strike, with 10 million contracts, which can act as a resistance for the coming week of the February series.

And maximum near by Put open interest (OI) was at 17,500 strike, with 4.7 million contracts, 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, with 5 million contracts, 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, with 2.1 million contracts, 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) was on bullish side on stocks, Options & futures.

 

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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