NIFTY PREDICTION & TRADING ADVICE FOR OPTION CALL PUT FUTURE FOR 23 FEB 2022

The escalation in the Russia-Ukraine issue and a sharp rise in oil prices forced global markets into a sharp decline. Indian market opened with heavy losses following the overnight decline in the global market and its negative impact on commodity prices. However, it managed to pare its losses during the late session. Continued outsourcing by FIIs has increased volatility, while DIIs are adding positions. Markets are witnessing heightened volatility as there is no immediate relief from the Russian-Ukrainian conflict which has been rapidly escalating. Additionally, rising oil prices have added to the negativity in the markets. Also, FNO's monthly expiry on Thursday would keep markets volatile. The Nifty had a significant gap lower on Feb 22 only to attract fresh buy support at lower levels. With the gap on the downside, the index tested the 16800 level, where it had taken support twice in the recent past. Markets continued their unprecedented move, correcting 2% before the open and later recovering in the 2nd half. Investors are advised to exercise caution in their trades. We expect small and mid-caps to lead the market recovery after the end of the Russia-Ukraine crisis. Benchmark indices closed lower for a fifth straight day on weak global signals due to the Russia-Ukraine crisis. The Sensex ended up up 383 points at 57300 and the Nifty up 114 points at 17092.

Nifty has managed to close above the crucial 17000 level for now. 16850 has been a key support level for the market for the last month. However, global weakness and ongoing FII selling could add more pressure in the near term. Several support parameters are present near 16850 absorbing selling pressure. Regarding the price pattern, Nifty has formed a triangle pattern on the daily chart and tested the lower end of the pattern today. The index is then expected to recover towards 17450-17550. Bullish potential remains intact as long as the Nifty stays above 16850 on a closing basis. For Nifty 16900 will act as a very strong support, on a break we could see the 16800 level and if this level is also broken then the next stop will be near 16600 levels. On the upside 17150 will act as a very strong resistance, if Nifty breaks above these levels the next stop will be around 17250 which if broken will take the markets to the 17400 level.

Resistance: 17275, 17325, 17400

Support: 17175, 17125, 17050