Nifty Outlook 1 Feb 2023

Ruchit Jain Ruchit Jain

Last Updated: 1st February 2023 - 10:30 am

Listen icon

Nifty witnessed some selling pressure at the start of the day on Tuesday, but it recovered gradually post the initial hiccup and ended the day marginally positive above 17650.

Nifty Today:

 

 Ahead of the Union Budget, the Nifty did not see any significant move as the IT space witnessed correction following the sell-off seen in the Nasdaq index. However, apart from IT, other sectors managed to recover smartly and some of the beaten down counters witnessed buying interest as the fear on the Adani group stocks subsided. The banking stocks too witnessed a pullback move leading to outperformance in the Banknifty index. Now, the entire focus would be on the Union Budget announcements as participants would hope for scores of positive announcements. Technically, the Nifty index is trading in a channel with lower end placed in 17400-17350 range. On the flipside, 17750-17800 would be seen as immediate resistance which was the recent support broken. Above this, 17930-18000 would be the next resistance to watch out for. FII’s have been on the bearish side since last few days as they have been selling in the cash segment and in the index futures segment too.

 

Adani group fear subsides, focus now on Union Budget    

 

Nifty Outlook 1st Feb 2023 graph

 

They have just about 18 percent of the positions on the long side in the index futures segment, and it needs to be seen if any positive trigger leads to short covering by them. The volatility could remain high and hence traders should trade with proper risk management.

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

17440

40550

Support 2

17350

40280

Resistance 1

17800

40920

Resistance 2

17940

41180

 

Trade with 0* brokerage for 30 days
Open FREE Demat Account with endless opportunities.
  • Flat ₹20 Brokerage
  • Next-gen Trading
  • Advance Charting
  • Actionable Ideas
+91
''
 
By proceeding, you agree to our T&Cs*
Mobile No. belongs to
hero_form

Market Outlook Related Articles

Market Outlook for 06th December 2024

by Sachin Gupta 18th Dec 2024

Market Outlook for 16 July 2024

by Ruchit Jain 13th Sep 2024

Market Outlook for 15 July 2024

by Ruchit Jain 11th Oct 2024

Market Outlook for 12 July 2024

by Ruchit Jain 12th Jul 2024

Market Outlook for 11 July 2024

by Sachin Gupta 11th Jul 2024

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.

Open Free Demat Account111

Be a part of 5paisa community - The first listed discount broker of India.

+91

By proceeding, you agree to all T&C*

footer_form