Some yes/no news is coming around UKR-RUS conflict where US wants to play mediator and Russia is rejecting that proposal. US is definite interest in the whole debacle.
Gold price is increasing constantly meaning investors are looking for safe heaven. Technically, it is hit a resistance as of now. Most likely to consolidate and break it in near future.
Crude is also rising again with failure in Iran talk.
India news/concerns:
In F&O space, all major market participants (FII/Pro/Retail) have taken a mixed position. In a nut shell, this data does not give a proper direction.
FII again sold around 2200 crore on 21-Feb and DII consumed more than that.
Technical:
On 21-Feb, Nifty could hold the higher levels that it attained during the day. Looks like Nifty is destined to break 17K on 22-Feb.
Dow broke important support of 34K. If it starts trading below it in next few days, then we are looking at 32800.
SGX Nifty showing at least 120 points deficit from the closure of market on 21-Feb
Nifty option chain suggests, breaking down of 17200 will take it to 17000 directly where the primary support lies still now. If that breaks, then it may be a chaotic situation with 16800 being the next support. OI chain analysis can be done in live market using sites like tradingtick or opstra.
Expectation:
Market likely to open at least 120 points gap down. 17K should still act as a support, even if that breaks intra-day.
In 1 hour chart, we took support from 17090 level once again and that is destined to break now. Possibly we will test 16850 once more during the day. As mentioned earlier, this support is also very weak now.
Overall expecting trend today should be same as that of 21-Feb. Initial gap down and further downward journey with a support in the vicinity of 16950 and then a recovery again. But recovery should not cross the trendline.
