The formation of star doji signify weakness and it is confirmed by Thursday's closing.
Thursday's closing is also below important level of 4897 and even on Wednesday Nifty closed near support level of 4897 which also means that Nifty should open weak the next day.
Today we have the maximum probability of showing more weakness and if Nifty if Nifty tests 4874 then it may drift lower to 4861 mark as well.
Trading with volume below 4861 would attract more selling pressure and we may see Nifty drifting even lower.
On the higher side until Nifty trade above 4897 mark we may not see much strength.
Real strength in Nifty is only above 4915 level and above that Nifty may touch 4932 level as well.
Banking shares showed some real strength in Thursday's trading session and even today lesser degree of weakness is expected.
Any closing below 8529 level by BankNifty may bring BankNifty to weaker zone and bears may make some killing even out there.
| Important Nifty Levels for 19th Feb | ||
|---|---|---|
Nifty Pivot | 4890 | |
| Support | ||
| 4861 | 4850 | 4824 |
| Resistance | ||
| 4897 | 4914 | 4932 |
| Important BankNifty Levels for 19th Feb | ||
|---|---|---|
BankNifty Pivot | 8552 | |
| Support | ||
| 8511 | 8472 | 8447 |
| Resistance | ||
| 8583 | 8602 | 8641 |
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