Nifty directions and levels for February 20th:

Good morning, Friends! 🌞

Here are the market directions and levels for February 20th:

Market Overview

Globally, nothing has changed, while our local market is maintaining a moderately bearish sentiment. Today, the market may open neutral to slightly gapping down, as the Nifty futures indicate a negative move of 50 points.

In the previous session, Bank Nifty had a solid pullback, but Nifty didn't react similarly and maintained its range. What’s next? The two structures are a bit different, so we can't take this in a single direction. My personal opinion is that structurally, there is still a decline pending today. If this decline finds support around the immediate support level, we can expect a continuation of the pullback with some consolidation. On the other hand, if it doesn't find support today, the market will likely consolidate before continuing its correction, Let’s look at the chart.

Nifty Current View:

The current analysis suggests that if the market pulls back initially or finds support around 22,830, we can expect a pullback. However, until it breaks the previous high, we can't anticipate significant movement. This is the first scenario.

Alternate View:

The alternate view indicates that we are in a range-bound market. Until the market breaks 22,769, the range will continue. However, if the decline has a solid structure and breaks 22,769, we can expect a continuation of the correction.