The Nifty 50 snapped an 8-day losing streak and close with a 30-point gain on February 17, after taking support at 22,700. The overall trend remains in favour of the bears, given the lower top-lower bottom formation. If the index manages to extend the recovery and clear the psychological 23,000 mark, the immediate hurdle is likely to be between 23,150 and 23,300. Below that, 22,500 is the level to watch, according to experts. The index remained below all key moving averages (10, 20, 50, 100, and 200-day EMAs), with a negative bias in momentum indicators. The RSI (Relative Strength Index) stands at 39, and the MACD (Moving Average Convergence Divergence) shows a negative crossover below the zero line, signaling weakness. The Bank Nifty also formed a bullish candlestick pattern with a lower shadow on the daily charts, which is a positive sign. However, it remained in the lower band of the Bollinger Bands and below allKey moving averages, continuing the lower high-lower low formation.
