Market wrap up(DWM,T,N,E):The benchmark Nifty 50 had a rangebound trading session on February 18 amid a lack of triggers, closing 14 points lower after moving in a 191-point range. The index continues to take support at 22,800 on a closing basis, given the buying interest at lower levels, and faced resistance at 23,000 on higher levels amid increasing volatility. Though the overall structure is weak, if the index manages to climb above 23,000 and sustain that level, 23,200 (20-day EMA) could be the immediate target, followed by 23,500 (50-day EMA). However, a decisive closing below 22,800 can open the doors for 22,600 (near the support trendline), according to experts. The Nifty 50 formed a bearish candlestick pattern with a long lower shadow, indicating a Dragonfly Doji-like candlestick pattern (not a classical one) on the daily charts. This is generally a bullish reversal pattern, but action in the following session needs to be watched for confirmation. Overall, the structure remains weak, as the index traded below all key moving averages (10, 20, 50, 100, and 200-day EMAs) and in the lower band of Bollinger Bands. The Bank Nifty shed 172 points and formed a bearish candlestick pattern with upper and lower shadows on the daily timeframe, indicating buying interest at lower levels and minor selling pressure at higher levels. The index still traded below all key moving averages as well as in the lower end of Bollinger Bands, signaling weakness.
