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.
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