Morning Update February 22, 2021
Global Market
DowJones: 31494 (+1)
NASDAQ: 13874 (+9)
FTSE 100: 6624 (+7)
DAX: 13993 (+106)
HangSeng: 30645 (+49)
Nikkei: 30018 (-218)
SGX: 15056 (+61)
Crudeoil: $59.24
Brent Crude: $62.91
Gold: $1784.25
Nifty
Nifty continued to trade in red zone for fourth consecutive trading session; it has retraced by ~500 points from the week high, where we suggested cautious view on Daily chart.
On daily scale index was able to hold the support of 20 EMA which lays around 14,870 levels and closed above those level. 14,850-14,750 would be acting as a buffer in between bears and bulls. Negative crossover could be witnessed in RSI indicating weakness in index, below 14,740 levels index may move towards 14550, 14,350 levels.
BankNifty
Similar to nifty, banknifty is moving towards south direction after hitting the channel resistance. 35,000-35,350 would be acting as an initial support level. RSI is moving towards south direction with negative crossover indicating weakness in index. Bulls need to hold the support 35,000 to remain in contingent or else below 35,000 we could expect index to move towards 34,000 levels.
Tradeable Ideas
DRREDDY: BUY ABOVE 4700 TGT 4830 SL 4635
ASHOKLEY FUT.: SELL BELOW 124 TGT 120 SL 126