The Nifty 50 had a rangebound session on February 18, closing 14 points lower after moving in a 191-point range. The index continues to find support at 22,800 and faces resistance at 23,000. If it climbs above 23,000, the next targets are 23,200 and 23,500. However, a decisive close below 22,800 could lead to a drop to 22,600.
The Bank Nifty also showed weakness, shedding 172 points and forming a bearish candlestick pattern. It faces resistance at 49,340 and support at 48,500. Traders should watch these levels for potential trading opportunities.
Key levels for the Nifty 50 include resistance at 22,986, 23,031, and 23,104, and support at 22,840, 22,795, and 22,722. The index formed a bearish candlestick pattern, indicating potential for a bullish reversal, but confirmation is needed.
For Bank Nifty, resistance levels are 49,273, 49,394, and 49,591, while support levels are 48,881, 48,759, and 48,563. The index also formed a bearish candlestick pattern, signaling weakness.
Traders should monitor these key levels and patterns to spot profitable trades.
