Nifty intraday levels for weekly expiry 22/02/24.

Mambotrade Updated   
NSE:NIFTY   Nifty 50 Index
Nifty has given nice bearish engulfing candle after a consolidation on the higher levels.

A good sell off in the market is showing some profit booking in the market and potential levels may be tested on the expiry.

It has close 22055 levels. If there is a gap up opening, there will be chance of a halt candle.

In case of a flat to gap down opening, there will be another red candle on the daily charts.

Short below 22k levels can be initiated with Major support zone around 21920, 21830.

There is a high probability of a gap filling trade.

Resistance levels :- 22090, 22240

Tomorrow is weekly expiry of the index, watch for option premiums chart while trading.

Wait for the price action near the levels before entering the market

First target reached. Trail the SL to 38.2-50% fib levels. If there is a negative price action. New bearish position can be created with day low as target.

In case the support is breached next target around 21830 will be achieved in the index.

Wait for a retracement before another leg of selling.


Cup and handle in nifty after a consolidation near the base.

Resistance around 22240.

Possibility of testing the highs.


Finally market has been trading in red yesterday and all of a sudden the market is testing the ATH.

There are chance of market taking a halt or move slight after a gap up opening.
If markets opening flat to slight gap down, enter the bullish move after watch for a setup and confirmation.

Major resistance :- 22250, 22350-400

If there is a sell off in the market tomorrow. Sell only once the daily 20 ema is breached as there was a good support from the levels and market recovered after hitting the levels.

Major support levels :- 22100, 21900

Support are far and market will be trading the uncharted area.

Wait for the price action and trade according to the markets.

There is a flag and pole pattern on smaller time frame. Nifty has closed around 22200 levels.

Resistances are near by and are not confirm whether there will be a strong rejection or not.

Resistance levels :- 22270, 22350.

Let the market give a break out of the flag and if it confirms as it crosses 22270 level, bullish trade with the next resistance can be entered.

Support :- 22100, 22000

Wait for the price action and reaction on the pattern formation.

Nifty has been sideways today and if there is a gap up opening, another sideways day can be seen in the markets.

It has closed below the hourly 20EMA. If there is a gap down opening or market starts trading below 22090, a bearish movement can be seen in the market.

Major support levels :- 22090, 219870

Markets are unpredictable and can go upside. Look for the resistance around the highs.

Major resistance level :- 22170, 22270.

Wait for the price action near the levels before entering the market.
The index has given a bullish move and took rejection around our resistance zone.

If there is a gap up opening in the market, there will be a sideways market again as the other index is still lagging behind.

In case there is flat to gap down opening below 22090, there can be a bearish market.

The market has remained in sideways mood. A trending day can be seen tomorrow or on expiry.

Major support level :- 22090, 22000

Resistances are near by and market can face rejection from the higher levels.

Resistance levels :- 22270, 22350

Wait for the price action near the levels before entering.



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