Trade setup for February 28: Nifty RSI suggests potential bounce back
Trade setup for February 28: A breakout above 22,700 could target 23,000
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Nifty 50: It continued its rangebound movement between 22,500 and 22,700. A breakout above 22,700 could target 23,000, while a break below 22,500 may lead to support at 22,400-22,350.
Nifty Key Levels:
Resistance: 22,596, 22,620, 22,661
Support: 22,516, 22,491, 22,451
The Nifty RSI indicates the possibility of a bounce, but overall bearish sentiment prevails with all moving averages trending south.
Bank Nifty: Formed a Doji candlestick, indicating indecision. The support trendline is holding, with a test of the 49,000 level.
Nifty Options Data:
Maximum Call OI at 23,000 (51.87 lakh contracts), and maximum Put OI at 22,500 (50.41 lakh contracts).
The Put-Call Ratio (PCR) has increased to 0.98, signaling a bullish sentiment.
India VIX: Declined sharply, signaling reduced fear in the market, which could benefit bulls.
Bank Nifty Options Data:
Resistance at 49,000, 50,000, and 50,500 strikes, with significant Put writing at 49,000.
Key Market Indicators:
FIIs sold Rs 556 crore in shares, while DIIs bought Rs 1,727 crore.
No stocks were added to the F&O ban list.
This setup provides a mix of resistance and support levels to watch for potential breakout or breakdown. Keep an eye on the Nifty’s and Bank Nifty’s movement around the pivotal levels for profitable trades.