#Nifty directions and levels for February 14th:

Good morning, Friends! 🌞

Here are the market directions and levels for February 14th:

Market Overview

There have been no significant changes in the global markets. The global sentiment remains bullish, as indicated by the Dow Jones, while our local market is showing a moderately bearish sentiment. Today, the market may open neutral to slightly gap-up, as Gift Nifty indicates a positive move of 100 points.

In the previous session, both Nifty and Bank Nifty closed with a neutral sentiment, though volatility was high. What about today? Due to selling pressure, the market didn’t gain much even when it started positively. So, today, we will take a conservative approach. My expectation is for a consolidation phase. However, if the market breaks its immediate support or resistance after some consolidation, the direction is likely to persist. Let’s look at the chart.

Both Nifty and Bank Nifty have the same structural sentiment.

Current View

We are in the mid-level of the current swing, so we cannot take a single-direction approach. However, the trend shows a slightly bearish bias. If the initial market declines, we can expect a minimum downside of 22,956 to 22,920. This is an Expanding Flat correctional pullback zone. If the market rejects sharply from this zone, we can expect a pullback that could at least reach today’s opening level.

> On the other hand, if the decline has a solid structure and breaks this zone or consolidates around it, the correction is likely to continue.

Alternate View

The alternate view suggests that if the market sustains the gap-up, 23,186 will act as a major resistance. So, until this level is broken, we can expect consolidation within the previous day’s range. If it breaks with a solid structure, the next target will be the top of the channel.