Market Technical Views For Today 23-Feb

Feb derivative futures expiry is scheduled today and market is likely to witnessed high volatility. Global developments related to Greece and US economy will continue to influence market sentiments. Nifty showed selling pressure as profit-booking was seen at higher levels, i.e., around 5,600 level. Intraday support was seen at 5,570 level, and as this level was broken, further selling pressure was witnessed. Nifty closed near low of the day near 5,500 level. 

For intraday trading on Thursday 23-Feb, trend deciding level is at 5,530. If Nifty shows strength above 5,530 levels, then rally to 5,570-5,600-5,630 may be seen. If Nifty does not show strength above 5,530 levels then selling pressure till 5,460-5,425-5,390 may also be seen.