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Nifty closed at 22213 on 23rd February after a volatile week. Indecisiveness among participants indicated by the candle with shadows. Weekly strength indicator RSI above reference lines signals positive bias. Buy recommendations: Indus Towers, JSW Energy, Godrej Properties, Indiabulls Housing Finance. Technical analysis: Symmetrical triangular pattern, Fibonacci Retracement level, 20, 50, 100, and 200 days SMA, Bollinger Band.

​A small negative candle was formed on the daily chart with a gap-down opening and a long lower shadow. Technically, this pattern indicates a hammer-type candle pattern formation, which signals chances of a pullback from the lows post-confirmation.

The Nifty50 index managed to reclaim 19000 levels on Tuesday amid short covering of existing short positions in the Index futures, suggest experts.

Nifty50 closed at 22,494 with a gain of 115 points, forming a small bullish candle. Buying at support level of 22,200 is expected. Bharti Airtel, Bank of India, Bharat Electronics, and Pidilite Industries showed bullish breakouts, suggesting upside in the next 3-4 weeks.

The market is repeatedly trying to see Nifty breakout above its all-time high, but has not succeeded due to lack of strength at the upper hurdle.

Shares fell on Tuesday, dragged by high-weightage financials and information technology stocks and as consolidation continued in the holiday-truncated last week of the financial year.

According to the technical analyst Nifty Private Bank exhibited a bullish pattern supported by technical indicators indicating a positive outlook for traders in the short term

“Bulls regained strength in the market following positive US data, prompting short-covering moves in the index. The downside support for the index is situated at 19,560, and as long as this support holds, a buy on dip strategy is recommended. A breakthrough of the resistance at 19,850 by the end of the month is anticipated, potentially paving the way for further upward movement towards 20,200-20,500 levels.”

Nifty 50 could cross the lifetime high and touch the 18,925 mark, as the technical charts suggested that the benchmark's uptrend formation is likely to continue.

Liquidity conditions are tight and all leading indicators like Copper Prices, Crude Prices are beginning to show signs of revival and might trend upwards suggesting a further revival in the economy.