Today we are going to see the Intraday Analysis for Nifty and Bank Nifty for 16-Feb-2021..
1st : we are going to analysis the intraday chart in Nifty...
Today Nifty was opened with a huge gap up at 15270.30 and touched the day low of 15243.40 and there after it consolidated range within its support of 15270.
At time of closing the nifty has touched all time high of 15340.15 and closed at 15314.70.
The Nifty which today low 15243.40 is today pivot resistance 1 level which acted as support and 15325 which the resistance 2 has acted as strong resistance.
But at the closing time, the nifty has broken the resistance but closed below the resistance 2.
The opening candle which acted as the Flag Pole and nifty was in consolidation which acted as Flag.
Today CPR will be extended to tomorrow and also acted as virgin cpr.
Excepted CPR:
Pivot 15,299.50 Bottom CPR 15,291.80 Top CPR 15,307.10
If the script breaks today low & then there may be bearish act will form.
Target- 15190 & 15170
Case 2:
If the script moves above todays day high go for long.
Target: 15400.
Impression: Today last candle is formed as Bearish Engulfing. Hence whether bearishness may follow tomorrow.
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2nd: Bank Nifty:
Now we are going to see Banknifty for 16-Feb-2021
Bank Nifty has opened at 36501.40 and touched the day low of 36405.10 which was resistance of the pivot which acted as the support today and moved day high of 37449.90 which was a all time high and closed at 37306.25.
Today CPR is a Virgin CPR which will be acted as support for tomorrow.
Index has broken all the 4 Resistance level.
CPR:
Pivot 37,053.75 Bottom CPR 36,927.50 Top CPR 37,180.00