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Nifty :

Indian equity markets extended their losing streak for the eighth consecutive session on February 14, with benchmark indices closing in the red. The Sensex declined by 199.76 points or 0.26 percent to settle at 75,939.21, while the Nifty slipped 102.15 points or 0.44 percent to close at 22,929.25. The broader market sentiment remained weak as global concerns, including Trump's plans to impose reciprocal tariffs, weighed on investor sentiment.

The Nifty breached its January 27 low of 22,786.90, making a new low of 22,774.85, indicating strong bearish pressure. However, in the closing hours, the index witnessed a sharp recovery of 154 points, closing near 22,929. On the daily chart, Nifty has formed a double-bottom pattern. A decisive close above the 23,000-23,100 zone could trigger a potential upside towards 23,500 and 24,000 levels. On the downside, if the index fails to hold above 22,800, further correction towards 22,500 and 22,250 is likely.

The broader market also faced selling pressure, with CNX Smallcap correcting 22.63 percent from its record high, Nifty Midcap Select down by 18.13 percent, Bank Nifty losing 12.16 percent, and Nifty 50 falling 13.33 percent. All 13 major sectoral indices ended lower, with Nifty Pharma declining the most, dropping 3.41 percent due to concerns over U.S. revenue exposure.

Technical indicators suggest a bearish outlook, with key EMAs (20, 50, 100, 200) aligning in a downtrend. The Stochastic RSI is trading in the oversold region, while the RSI stands at 38, indicating persistent selling pressure. Market participants should closely watch the 22,800 level for further directional cues.
Support Levels: 22700 - 22500

Resistance Levels: 23350-23500

Overall Bias: Sideways to Bearish

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