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JINDALSTEEL & POWER
Yesterday, the stock opened on a strong note and cleared the resistance of Rs 430. So far, the stock has gained over 17 percent in this month. The stock has formed a strong price volume breakout pattern on a short term time frame. The texture of the pattern suggests breakout action will continue in the near term if the stock is able to trade above Rs 425. Swing traders can expect an uptrend wave to continue up to 450-470 if they trade above Rs 425.

ONGC
As a result of the strong uptrend rally from Rs 135 to Rs 170, the stock is experiencing narrow range activity. However,on a daily basis, the stock is maintaining an uptrend formation and consistently trading above short-term averages, indicating a positive trend.In addition, the stock has formed a bullish candle reversal formation near its 20-day SMA, which indicates a fresh uptrend is likely from current levels. If the stock manages to trade above Rs 164 or 20-day SMA, we can expect an uptrend continuation wave up to Rs 177-185.

NIFTY WEEKLY OUTLOOK:PREDICTION FOR 14 FEB TO 18 FEB 2022

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NIFTY WEEKLY SUPPORT & RESISTANCE

		SUPPORT			RESISTANCE
	S1	S2	S3	R1	R2	R3
CLASSIC	17,475	17,345.00	17,263	17,687	17,769	17,900
Fibonacci	17,476	17,426.00	17,345	17,638	17,688	17,769
Camarilla	17,586	17,566	17,547	17,625	17,644	17,664

This week, nifty is struggling at 17,000 and the worst shares of SBI, Bank of Baroda, Can Bank are hitting new highs. Now Maruti is following suit. So someone is wrong with all those tom-toming midcap IT and how IT is the only performer! Since we are experiencing growth, the market is adjusting to these higher rates and we cannot go without sync.
We have a good chance of returning to 18,000 next week. The results have been good and there is now enough cushion to handle the downside in IT, Pharma, and the metal index. From my perspective, we see 18,000 after next week's policy and we will take it from there. Earlier today, the market snapped three days of winning streaks and lost over 1.5% after US consumer prices came in hotter than expected. RBI surprised markets yesterday by keeping policy rates unchanged and deciding to maintain its accommodative stance despite high inflation.
US CPI Inflation: After the US consumer price index came in higher than expected, Indian and global equity markets slumped, amid fears that the US Federal Reserve will raise interest rates aggressively to fight inflation.
RBI Policy: Yesterday, the Reserve Bank of India maintained key policy rates steady in the face of elevated inflation. Our view is that managing inflation, rates, and currencies simultaneously will be difficult. The Fed is expected to raise the reverse repo by 100-110bps beginning in Q2 2022, due to increased inflation, currency depreciation, and US rate hikes.
Weakening  Rupee: As a result of continued selling pressure by foreign investors, the domestic currency fell to 75.38 per dollar in January and 1.17 per dollar in February.
"In our view, the RBI's dovish stance in the near term with its focus on growth rather than inflation risk has a slight negative effect on the INR for the following reasons:, In addition, the RBI's monetary policy diverges significantly from that of major central banks, and its FX stance could be seen as lagging behind inflation expectations”

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NIFTY FUTURE LEVEL PREDICTION FOR TOMORROW 10-FEB-2022

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MARKET LAUDS RBI'S ACCOMMODATIVE APPROACH
As a result of today's market reaction, the RBI's MPC members decided to keep key policy rates unchanged and maintain an accommodative stance "as long as necessary" to support the economy amid the COVID-19 pandemic.
This is the third time in a row that the market has closed in the green.In keeping the key policy repo rate and reverse repo rate unchanged, the central bank adhered to its accommodation stance. There were gains across sectors, with Bank, Financial Services, Metal and IT indices rising more than 1 percent each.On the daily charts, the Nifty50 formed a bullish candle similar to the Hanging Man. Experts believe the index needs to decisively surpass 20-day moving average to extend the uptrend in coming sessions, till then there could be range bound and volatile trade.After initial correction to 17,427, the Nifty50 recovered gradually after the policy decision and reached a day's high of 17,639. The index closed at 17,605.80, up 142 points or 0.81%.

RESISTANCE	R1	R2	R3
	17683	17772	17982
SUPPORT	S1	S2	S3
	17473	17352	17142