Weekly Analysis 18th Feb, 2023

S.no	Sector	Remarks
1	Nifty	Closed at 17944, around 100 points up from LW close, made low of 17719, high of 18134 but was unable to cross high of 25th Jan and has made an indecision candle on weekly TF. Almost all the indexes like Banks, pharma, Energy, Small & Midcap are not very strong except IT and now FMCG & auto are also showing signs of exhaustion. Now on daily TF nifty should not close below 17760 else support levels of 17650, 17450 can be retested. On upside 18265 will be very important resistance level to cross for bullish ness to come in the market. Buy on dips & Sell on rise mantra to be repeated for this week too. Although my stance is bearish but I won’t mind going long also at important support levels.
2	Nifty Bank	Closed at 41132 around 400 point down from LW close, and price is moving inside of 30th Jan weekly candle high & low, mark these 2 levels (42015, 39419) and whenever price will break either of these 2 levels, movement will be very fast. Once low of this week’s candle (40886) is broken support level of 40320, 40000,39800 will be retested. On upside now 41900, 42015, 42450, 42790 are important supply levels watch out for. Except HDFC twins rest of pvt banks are not looking bullish to me, but I will look for long opportunity in Fedbank around 124.5 level. Bajfinance is near weekly resistance level and 1st sign of bearish ness and I will plan for short since R:R will be in my favour then.
3	Nifty PSU bank	Closed at 3810 around 100 points down from LW close but price is still moving inside of 30th Jan candle high & Low and fast movement is expected only when either high of 4059 or low of 3628 is crossed. Union bank has taken support at monthly level of 70.5 and if it sustains above Rs 70 then it can move fast whenever overall sentiment improves in market.
4	Nifty Auto	Closed at 13141 around 60 points down from LW close and price is still moving inside of 30th Jan weekly candle high & Low. Below this week’s low of 13074, 12900, 12750 can be tested. On upside now this index needs daily close above 13400 for bullishness to come back. Last week i mentioned about bharat forge consolidation which it broke on downside. Eicher motor above 3364 should move fast, keep eyes open. Maruti is consolidating in a range and above 8936 can try to touch 9046, 9193.
5	Nifty IT	Closed at 31054 around 250 points up from LW close, now this index is at very peculiar situation where daily & weekly TF is bullish but monthly TF is bearish and is at strong resistance level of 31500. Now this index should spend some more time between 30500-31000 zone and then breakout else any day selling can come and 2 close below 30350 will bad news for bulls. Coforge is looking good for long term investment as on 13th Feb many big funds like Nomura, Aditya Bira, Kuwait Investment have bought stakes of another big fund HULST BV, so we should keep eye for going long around 3730 or if price goes above 4600.
6	Nifty Infra	Closed at 5161, around 100 point up from LW close. Daily TF is bullish, Weekly & monthly TF’s are still bearish which will not let this index go above 5300. I am keeping eye on Bharti which is consolidating in a range for the last 6 weeks and any side breakout/breakdown will be fast and furious.
7	Nifty Pharma	Closed at 12154, around 160 points down from LW close. As I mentioned LW also that this index for me is sell on rise mode and it gave good shorting opportunity at resistance level. Below 12083, 11900, 11717 are important support zones. Divis is at make or break level, small contra bet on long side can be looked at
8	Nifty Metal	Closed at 5807 around 230 points up from last week close, price is still moving inside of 30th Jan weekly candle high & Low. 6000/6100 is going to be tough supply zones to be cleared on upside and on downside 5600/5500 is good support zone. Hindalco for short below 425, JSWsteel for long above 739 looks good to me.
9	Nifty FMCG	Closed at 45617, around 130 points up from LW close. This is the index to watch out if someone is looking for long candidates, 45112 looks good for initiating new long or above 30th Jan 46264. Britannia around 4470/4410 can be looked for long, Godrej consumer is getting ready for big move, above 955 keep eyes open
10	Midcap & Small cap	Midcap closed at 30642 around 400 points down from LW close, in last 2 weeks this index has lost around 1000 points and still looking weak. On upside 31200 is important resistance level, on downside 29786 is good support level, above 31200, below 29786 movement will be fast. I mentioned about BDL last week at 786 and it went from 786 to 955 level within a week, which is more than 20%. Now keep eyes on Bluestar which has given all time high closing despite negative market. Small cap has closed at 9417 and now daily, weekly TF are looking weak so not much movement on upside expected. Small cap is consolidating in a range since 19th Dec which worries me the most, any negative news can push this index lower.
11	Nifty Energy	Closed at 22469 around 140 point up from LW close, thanks to Reliance which has bounced from the monthly support level. This index is sell on rise mode for me till 22341 is not crossed. Reliance still can touch 2500 before coming down, Hindustan petro, BPCL both are looking good for long trades