What Nifty50, Bank Nifty technical charts suggest for February 18 session; SGX Nifty, resistance-support level - CNBCTV18

Indian equity benchmarks, BSE Sensex and NSE Nifty50, closed lower in volatile trading on Thursday for a second straight day as tensions resurfaced over the Russia-Ukraine conflict and after Fed minutes indicated policymakers favour faster rate hikes to tame inflation.

What do the charts suggest for Dalal Street now?

The Nifty50 has formed a second straight small negative candle on the daily chart with minor upper and lower shadows, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

"A sustainable move above 17,650 could negate the bearish pattern and unlock more upside ahead, otherwise one may expect another round of correction that takes the index to around 17,000-16,800 levels," he said.A breakout in the making?The 50-scrip index is displaying non-directional activity near its 50-day simple moving average and "perhaps traders are waiting for a breakout on either side," said Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities.

"Uncertainty over the Russia-Ukraine situation and volatility in crude oil is keeping investors on tenterhooks. Traders fear the upcoming mega LIC IPO could lead to further redemption from equities in the near term,"

Here are key things to know about the market before the February 18 session:Global markets

European share markets began the day on a weak note. The pan-European Stoxx 600 index was down 0.2 percent at the last count. The United Kingdom's FTSE enchmark was down 0.6 percent. Germany's DAX was flat, though France's CAC up 0.2 percent.

S&P 500 futures were down 0.6 percent, suggesting a negative start ahead on Wall Street.

What to expect on Dalal StreetHDFC Securities' Shetti expects volatility in the market to continue on Friday, with immediate support at 17,150. In his view, only a sustainable move above 17,650 is expected to bring the bulls back into action.  Structurally, the market can remain in consolidation before the Nifty prepares for an upside breakout, according to Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan by BNP Paribas. "A key hurdle to watch out for is 17,500. Once it gets taken out, the index will be set to head towards 17,800 in the short term. On the other hand, near-term support is at 17,200-17,100 levels," he said.For the bulls, an intraday breakout above 17,450 could lead to a rally in the Nifty till 17,500-17,575 levels, but a slide below 17,200 could trigger weakness up to 17,140-17,110, said Chouhan of Kotak Securities.Resistance vs supportPalak Kothari, Research Associate at Choice Broking, has identified the following zones:

Index	Support	Resistance
Nifty50	17,130	17,500
Nifty Bank	36,800	38,500

FII/DII activityForeign institutional investors (FIIs) net sold Indian equities worth Rs 1,891 crore on Wednesday, according to provisional exchange data. However, domestic institutional investors (DIIs) made net purchases of Rs 1,180.1 crore

Call/put open interest

Exchange data shows the maximum call open interest is accumulated at the strike price of 17,500, with 1.3 lakh contracts, followed by 17,400, with 1.2 lakh contract. On the other hand, the maximum put open interest is at 17,300, with 1.2 lakh contracts, and 17,000, with 1.1 lakh.This suggests the Nifty has hurdles at 17,400-17,500 levels, and below 17,300, more support at the 17,000 mark.

Long build-up

Here are five stocks that saw an increase in open interest as well as price, suggesting a build-up of long positions:

Symbol	Current OI	CMP	Price change (%)	OI change (%)
METROPOLIS	9,77,800	2,002.85	1%	19.47%
ONGC	3,57,20,300	169.9	1.68%	11.30%
SRTRANSFIN	27,16,800	1,274.85	4.32%	10.29%
PAGEIND	83,550	42,399.95	2.97%	9.37%
HONAUT	8,460	41,879.90	1.39%	6.38%

Long unwinding

Symbol	Current OI	CMP	Price change (%)	OI change (%)
BATAINDIA	14,81,150	1,907.20	-0.63%	-2.86%
AXISBANK	3,49,96,800	782.35	-1.73%	-2.77%
AARTIIND	24,25,050	972.6	-0.96%	-2.03%
COROMANDEL	9,05,000	797.55	-0.74%	-1.52%
AMARAJABAT	68,88,000	597.1	-0.56%	-1.13%

(Decrease in open interest as well as price)Short-covering

Symbol	Current OI	CMP	Price change (%)	OI change (%)
NAVINFLUOR	4,58,100	3,911	3.57%	-6.14%
FSL	1,16,71,400	132.35	0.49%	-3.05%
BEL	2,98,14,800	200.35	0.73%	-2.77%
TVSMOTOR	86,57,600	672	0.88%	-2.67%
POWERGRID	3,48,08,491	197.5	0.36%	-1.50%

(Increase in price and decrease in open interest)Short build-up

Symbol	Current OI	CMP	Price change (%)	OI change (%)
CIPLA	1,20,06,800	927.6	-0.19%	14.62%
CANFINHOME	31,34,625	606.65	-1.95%	6.59%
SHREECEM	1,60,025	24,669.10	-0.88%	6.39%
ASHOKLEY	2,82,37,500	126.8	-1.36%	6.20%
DIXON	5,78,875	4,209.05	-1.51%	6.07%

(Increase in open interest and decrease in price)52-week highsThree stocks in the BSE 500 pack hit 52-week highs: Adani Green, Blue Star and Rhi Magnesita.52-week lowsNine stocks hit 52-week lows: Manappuram, AstraZeneca, Procter & Gamble Health, Heidelberg Cement, Jubilant Pharmova, Indigo Paints, Hudco, VST Industries and Alembic Pharma.Volatility index

NSE's India VIX index — which gauges the expectation of volatility in the market — rose 6.9 percent to 22 for the day, its second highest jump this week.

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What Nifty50, Bank Nifty technical charts suggest for February 18 session; SGX Nifty, resistance-support level - CNBCTV18
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