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Trade setup for Feb 23: Will Nifty50 respect key support at 16,800? Market cues, what analysts make of technical charts

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Trade setup for Feb 23: Will Nifty50 respect key support at 16,800? Market cues, what analysts make of technical charts

It was a wild day for Dalal Street investors as geopolitical tensions rattled global markets after Russia deployed troops to eastern Ukraine. However, Indian equity benchmarks – Sensex and Nifty50 – recovered most of their intraday losses at the end of the session when each fell more than 2%. Watch CNBC-TV18’s latest coverage of the Russia-Ukraine conflict

What does the chart say about Dalal Street now?

According to HDFC Securities technical research analyst Nagaraj Sheti, the Nifty50 has formed a long bullish candle on the daily chart, which indicates a bullish recovery from lower levels.
It once again held the key low support at 16,800. “That could be a small positive for the bulls,” he said. (Key factors affecting the market)
volatility
Siddhartha Khemka, chief retail researcher at Motilal Oswal Financial Services, said there was no immediate relief on the part of Russia and Ukraine, with rising oil prices adding to the negativity in the market. He expects the February 24 F&O expiration to remain volatile.
The VIX volatility gauge rose 16.4% to 26.7, its highest close since Feb. 26, 2021.
“Nifty has now managed to close above the key 17k level, with 16,800 being a key support last month. However, global weakness and a steady FII sell-off could add pressure in the near term,” he said.
Here are the key things to know about the market ahead of the February 23 trading session:
SGX skilled
Singapore Exchange (SGX) Nifty futures, an early indicator of the Nifty index, were up 82 points, or 0.5%, at 17,220.5 by 7.38am on Wednesday, signaling a good start on Dalal Street.
Global Market
Stocks in other Asian markets were mixed as investors closely watched updates on the situation between Russia and Ukraine following the move of Russian troops near Ukraine and preliminary Western sanctions. MSCI’s broadest index of Asia-Pacific shares outside Japan was last up 0.1 percent.
Japan’s Nikkei 225 fell 1.7%, while Singapore’s Straits Times fell 0.6%. China’s Shanghai Composite rose 0.3%, Hong Kong’s Hang Seng gained 0.7% and South Korea’s KOSPI rose 0.2%.
Crude oil prices were just below a seven-year high hit on Tuesday.
S&P 500 futures rose 0.5% in a positive sign for Wall Street.
The three major U.S. stock indexes closed down between 1% and 1.4% on Tuesday, with the S&P 500 confirming its first correction since the 2020 coronavirus pandemic caused stocks to tumble.
What to Expect on Dalal Street
Sheti of HDFC Securities believes the short-term trend for Nifty remains weak. “One can expect a modest rebound or a rebound from slightly lower levels in Wednesday’s session … the index is expected to pull back from highs of 17,300-17,400 over the next few sessions,” he said.

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Following Guneet Monga, Priyanka Chopra serves as executive producer for the Oscar-nominated short film Anuja:”Inspiring Move: Following Guneet Monga, Priyanka Chopra Serves as Executive Producer for the Oscar-Nominated Short Film Anuja: ‘Very Proud'”

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January 9, 2025

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Following Guneet Monga, Priyanka Chopra serves as executive producer for the Oscar-nominated short film Anuja:”Inspiring Move: Following Guneet Monga, Priyanka Chopra Serves as Executive Producer for the Oscar-Nominated Short Film Anuja: ‘Very Proud'”

Priyanka Chopra is extremely happy as she has come on board as an executive producer for Academy Award-shortlisted film Anuja, also backed by Guneet Monga.
Global star Priyanka Chopra is extremely happy as she has come on board as an executive producer for the Oscar-shortlisted film Anuja. Variety shared this update.

Anuja centers on the nine-year-old title character, who works in a back-alley garment factory with her older sister Palak. The narrative follows the young protagonist as she faces a decision that will impact both her future and her family.

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On being associated with the film, Priyanka said in a statement, “This beautiful film shines a spotlight on a subject that affects millions of children around the world, who are faced with the impossible decision between a future they cannot yet see and the immediate realities of their present.”

She said, “Anuja is a poignant, thought-provoking piece that makes us reflect deeply on the power of choices and how they shape the course of our lives. I am immensely proud to be associated with such a phenomenal and impactful project.”

The film was produced in collaboration with the Salaam Baalak Trust (SBT), a non-profit founded by Mira Nair’s family supporting street and working children, alongside Shine Global.

known for Academy Award-winning films War/Dance (2007) and Inocente (2012) – and Krushan Naik Films. Mindy Kaling is one of the producers on the film. Oscar winner Guneet Monga Kapoor has also boarded Anuja as a producer.

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This could be Monga’s third nomination at the Oscars. Her earlier projects, The Elephant Whisperers and Period: End of Sentence, won Oscars, bringing glory to Indian cinema.

A Story Close to the Heart

Anuja is a poignant tale about resilience, identity, and empowerment, centered around a young girl navigating societal challenges in her quest for self-discovery. Directed by a rising filmmaker, the short film has struck a chord with audiences and critics alike, making waves at various film festivals before earning its nomination for the Academy Awards.

Priyanka Chopra’s Legacy as a Producer

With Anuja, Priyanka continues her mission to spotlight underrepresented voices and meaningful narratives. She shared her admiration for the cast and crew of the film, saying, “It’s a collaborative effort, and every person involved in Anuja has poured their heart into it. I’m honored to be part of this journey.”

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Following Guneet Monga’s Footsteps

Priyanka’s move comes after Guneet Monga made history with The Elephant Whisperers, which won the Oscar for Best Documentary Short. Guneet’s success set a precedent for Indian filmmakers and producers, proving that stories rooted in Indian culture and values could resonate with a global audience. Priyanka’s involvement in Anuja further solidifies the growing presence of Indian creators on the international stage.

Critical and Audience Acclaim

Since its debut, Anuja has garnered widespread acclaim for its emotional depth and nuanced performances. Critics have praised its ability to tackle complex themes with sensitivity and authenticity. The film has already won several awards at international film festivals, further boosting its chances at the Oscars.

A Beacon for Future Collaborations

Priyanka’s involvement in Anuja is more than just a milestone for her career—it’s a beacon for future collaborations between Indian and international filmmakers. By lending her voice and resources to projects like this, she is creating opportunities for Indian talent to shine on a global scale.

As the Oscars approach, anticipation for Anuja continues to build. Whether it takes home the coveted trophy or not, the film’s nomination is a testament to the power of storytelling and the importance of representation.

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#PriyankaChopra #GuneetMonga #Anuja #ExecutiveProducer #OscarNominated #ShortFilm #InspiringMove #WomenInFilm #EmpoweringWomen #FilmIndustry #ProudMoment

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