February 21 Trade Setup: Top Factors to Watch Before Markets Open
If bulls can strengthen further, the initial goal for the Nifty 50 is anticipated to be 23,000 and over 23200 (near to the twenty-day EMA and the 61.8 percent Fibonacci retracement that runs from the low in June 2024 to the high in September) is not impossible to rule out.
February 21 Trade Setup: Top Factors to Watch Before Markets Open
The Nifty 50 was able to hold its ground for the fourth time in a row after reaching a record low of 2025. The index fell in 20-point increments on the Trade Setup for February 21. The index was consistently in the 22800 range as a closing price, while on the upper side it was battling the challenge of 23,000. In light of the fact that it is the bullish candlestick without lower or upper wicks the bulls appear to be more advantageously placed.
Here are some data that we've compiled to help you find the most profitable trading opportunities:
1) Levels For The Nifty 50
Resistance is based on pivot points 22926, 22,952, and 22994.
2) Key Levels For The Bank Nifty (49,335)
Resistance determined by pivot points 49,430, 49,502 and 49,619
Support Based upon pivot points 49.197, 49.125, and 49.009
Resistance based on Fibonacci Retracement 50,366, and 51,158
The support is based upon Fibonacci Retracement (47,866, 46,078
3) Nifty Call Options Data
According to monthly data on options, the strike at 23,500 is the highest open interest in Calls (with 92.59 thousand contracts). This strike could be an important resistance against the Nifty Trade Setup. Then came two strikes, the 24,000 strike (92.41 lakh contracts) and 23,000 strike (74.05 lakh contracts).
4) NSE Nifty Put Options Data
For on the Put aspect, highest Put open rate was recorded at $22,000 strike (with 87.6 lakh contracts) which could act as a major supporting level to the Nifty. Then came an 23,000 strike (62.59 lakh contracts) as well as the 22,500 strike (55.01 lakh contracts).
The Put's maximum writing capacity was set at the strike of 22,300, that added 34.33 lakh contracts. This was following by the 22200 and 22,000 strikes adding 28.56 lakhs and 12.94 lakh contracts, respectively.
5) Bank Nifty Call Options Data
Based on the monthly option information, the highest Call open rate was recorded at 51,000 strike and 22.46 lakh options. This could be the key limit for the Index in the short-term. This was followed by the 50,500 strike (15.12 lakh contracts) and the 51,500 strike (13.4 lakh contracts).
