Market Outlook for 09 February 2024

Ruchit Jain

Last Updated: 9th February 2024 - 09:55 am

Our markets witnessed a sharp correction on the weekly expiry day as selling was seen post the RBI policy outcome. The Private sector banks and the FMCG space were the major underperformers which dragged the Nifty lower, and the index ended just above 21700 with a loss of about a percent.

Nifty Today:

In last few sessions, Nifty has consolidated within a range but it has not negated the reversal patterns ‘Double Top’ and ‘Shooting Star’, which were formed on the daily charts. The index is trading around the 20 DEMA support which is around 21670. If the index closes below this support, then we could see a price wise corrective phase where the index could correct upto its next supports at 21430 and 21200. FII’s too have short positions in the index futures segment which too is not a good sign. On the higher side, 21850 and 22000 will be the immediate resistances. We have been advising a cautious approach on the markets recently and continue with our advice to avoid aggressive positions.

Nifty corrects post RBI policy, Private banks and FMCG drags

The Midcap and the Small cap indices have overbought set ups on the weekly charts, thus traders can look to book profits on existing longs positions and take some money off the table.

Nifty, Bank Nifty Levels and FINNIFTY Levels:

	Nifty Levels	Bank Nifty Levels	FINNIFTY Levels
Support 1	21580	44550	19870
Support 2	21450	44075	19680
Resistance 1	21930	45370	20210
Resistance 2	22000	45830	20400

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