21/02/25, Nifty Levels

 Levels for Nifty50 (22913.15)

The Nifty 50 continued to consolidate for the fourth consecutive session after hitting a new low of 2025, falling by 20 points on February 20. The index consistently defended 22,800 on a closing basis, and on the higher side, it faced resistance at 23,000. Considering the formation of a bullish candlestick with no upper or lower wicks, the bulls seem to be in a better position. If they manage to strengthen further, the immediate target is expected to be 23,000, and above that, 23,200 (near the 20-day EMA or the 61.8% Fibonacci retracement from the June 2024 low to the September high) cannot be ruled out. However, sustaining below 23,000 will continue the consolidation, with key support at the 22,700 level, 

Resistance based on pivot points: 22,926, 22,952, and 22,994

Support based on pivot points: 22,841, 22,815, and 22,772

The Nifty 50 reported a bullish candlestick pattern on the daily charts, followed by a strong recovery from the day's low, signaling strength from the bulls. However, overall, the bears still maintain tight control over the market, as the index traded below all key moving averages, with a continuation of the negative bias in the momentum indicators.

Levels For The Nifty Bank(49,335)

Resistance based on pivot points: 49,430, 49,502, and 49,619

Support based on pivot points: 49,197, 49,125, and 49,009

Resistance based on Fibonacci retracement: 50,366, 51,158

Support based on Fibonacci retracement: 47,866, 46,078

The NiftyBank was rangebound after the previous day's long bullish candle, declining by 0.5 percent and forming a Doji-like candlestick pattern on the daily timeframe, indicating indecision between bulls and bears. The index could not sustain above the short-term moving averages (10 and 20-day EMA) or the midline of the Bollinger Bands, but the near-term trend still seems to be positive as long as the index holds above the low of February 19 (48,800).