Nifty Outlook 22 Feb 2023

Ruchit Jain Ruchit Jain

Last Updated: 22nd February 2023 - 10:21 am

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Nifty traded in narrow range in Tuesday’s session wherein it initially recovered about 100 points from the morning lows, but again corrected in the later part of the day to end above 17800 with a marginal loss.

Nifty Today:

 

Post the recovery in the last week, our markets have retraced back in last few sessions as the banking index has seen a price wise correction and has underperformed the benchmark. The momentum readings for the BankNifty index are still in corrective phase but are positive for the Nifty. This indicates relative strength in the Nifty but it needs to be seen when the market resumes any momentum. As of now, it seems a broad consolidation phase or a time-wise correction in the markets where stock specific momentum are seen on both the sides of the trade. With monthly expiry nearing, it would be interesting to see if FII’s square off their short positions in the index futures or roll-over their short bets. Until we see signs of any directional moves, traders should look for stock specific trading opportunities. 

 

Market in consolidation phase waiting for some trigger

 

Nifty Outlook Graph

 

Nifty has ended tad above its support of 17800, but if this gets breached then next supports would be around 17720 and 17650. On the flipside, 18000 again would be seen as immediate hurdle as the options writers have placed bets at that strike and a move above that is required for a positive momentum. 

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

17750

40470

Support 2

17720

40370

Resistance 1

17900

40810

Resistance 2

17980

41000

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