Market Outlook for 13 February 2024

Market Outlook for 13 February 2024
Market Outlook for 13 February 2024

by Ruchit Jain Last Updated: Feb 13, 2024 - 11:10 am 300 Views
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Nifty started the week on a flat note around 21800, but it traded with a negative bias throughout the day and ended just above 21600 with a loss of three-fourth of a percent. However, sharp selling pressure was seen in the broader markets as the PSU stocks corrected sharply and the Small Cap and Midcap indices corrected by 4 percent and 2.5 percent respectively.

Nifty Today:

The broader markets witnessed a sharp correction in Monday’s session which was much expected as post the recent run up, the RSI in the midcap index had indicated a negative divergence. Such divergences usually lead to corrective phases and thus, we have been witnessing such a correction in broader markets. Even in the index, Nifty has recently formed a ‘Double Top’ at its recent swing high and it has even closed below its 20 DEMA. Thus, this correction could extend upto its next support which is placed around 21450-21400.

The RSI oscillator has given a negative crossover on the daily chart of Nifty and in the derivatives segment, FIIs are on the short side in index futures. Hence, until we see any change in the data or chart structure, we continue with our cautious approach in the markets and advise short term traders to stay light on positions. On any pullback moves, 21750 and 21830 will be the immediate resistance now.

                                 Midcaps and Small Cap stocks corrects sharply due to profit booking

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 21520 44430 19750
Support 2 21420 43970 19580
Resistance 1 21780 45100 20000
Resistance 2 21830 45540 20160

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About the Author

Ruchit Jain is Lead Research Analyst at 5paisa. He has a vast experience of 14 years in this field and is proficient in Technical and Derivatives Research. He has completed his CMT (U.S.A.) and has done Masters in the field of Finance at Mumbai University.


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