This Week – 26th February, 2024
Analysis , Information , Weekly
“A bullish triangular flag pattern is evident on weekly time frame, which has been confirmed. Looks like more upside is possible”…[..]
:: Last Expiry – Overview
NIFTY 50
Both weekly and daily were both bullish. Looking for more uptrend.
BANK NIFTY
Banknifty also made some bullish move but traded negative last few sessions on daily chart.
:: This Week, What the Technicals’ say?
NIFTY 50
View :
A bullish triangular flag pattern is evident on weekly time frame, which has been confirmed. Looks like more upside is possible.
On a daily time frame after a bullish move and a pause, NIFTY tested new all time high and traded rangebound in the last session, hence a good sign for more upside moves.
Important Levels
- Resistance – 22,200- 22,300
- Support – 22,000 – 22,100
- No trading Zone – 22,000 – 22,100
BANKNIFTY
View :
In the weekly chart after very strong wick at the bottom, a green but indecisive candle is formed last week.
On the daily time frame, a trendline break out fail like candle is formed. Its a wait and watch.
Important Levels
- Resistance – 47,000 – 47,100
- Support – 46,500 – 46,600
- No trading – 46,500 – 46,600
Please follow the link to see the detail chart analysis.
:: What does data say about this week?
FII & DII Activity
FII & DII data
- Outstanding puts is 2.14K bought along with 2.4K calls bought – Net Bearish
- Last session FII, PRO, Clients & DII activity – FII & DII Indecisive, PRO Bearish & Client Bullish in Index options.
- FII bought ₹1.2K Cr Stocks – Does not hold relevance for intraday.
- Net Future OI change = have dip to -37K , Not much changed.
Open Interest (OI)-
Nifty OI
- Max OI Calls:: 22500 , 0.71 Cr
- Max OI Puts:: 22000, 0.88Cr
- PCR:: 0.8
Note:: Note:: OI suggests a critical support at 22000 , and resistance at level 22500 observed.
Banknifty OI
- Max OI Calls:: 47000 , 0.36 Cr
- Max OI Puts:: 47000, 0.27 Cr
- PCR:: 0.8
Note:: OI suggests a critical level, not decisive. Likely to remain volatile and range bound.
Please follow the link to see the detail chart analysis.
Data for 26th February, 2024 Week.
:: Market Sentiments
World Markets – World market traded mostly flat to bullish.
GIFT NIFTY FUTURES – Closed around 22,249.00at 01:15am 23-02-2024.
:: Events Upcoming
Fig. Events this week