Nifty weekly expiry analysis for 15/02/24.

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A bullish engulfing candle on the daily charts after a gap down opening is showing some positive momentum and there are possibility of market test 22k levels soon.

Today the market remained in a bullish move from the morning and closed above the 20 ema.

After a consolidation there was a good break out and market tested the resistance level of 21850.

If there is a gap up opening above today's high, let market settle and test the break out zone and any bullish price action can be an indication of entering a trade.

In case of a flat or slight gap up/down opening, wait for a consolidation and if the market consolidate in the first half, there will be a trending move in the second half.

Tomorrow is the weekly expiry for the index. VIX has also cooled a bit.

Major resistance level :- 21880, 21960-22000

Support levels :- 21810, 21750.

The market is moving both side and is trading in a wide range. After 3 trading session the market has closed above 21800 levels which is another positive for a bullish move in the market.

Wait for the price action near the levels before entering the trade.

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Still finding a trade in the index. It has been in a sideways mode.

There are chance of a trending move after consolidation. Wait patiently for a confirmation and price action on a break out/down.