Market Outlook for 14 February 2024

Market Outlook for 14 February 2024
Market Outlook for 14 February 2024

by Ruchit Jain Last Updated: Feb 14, 2024 - 10:59 am 343 Views
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Nifty recovered from the intraday lows in Tuesday’s session led by pullback move in the Private sector banks. The index ended the day well above 21700 with gains of over half a percent, while the banking index outperformed to post gains of over a percent.

Nifty Today:

Nifty witnessed a subdued opening post the previous sessions correction, but it witnessed a smart recovery from the low as stock from the private sector banks witnessed a pullback move. In last few days, Nifty has formed a short term top around 22127 and has then seen a consolidation phase which seems to be a time-wise corrective phase. In the near term, 21500 will be seen as the important support while 22000/22127 will be the resistances. The RSI on the daily charts are negative and thus, we may not see a significant momentum and in the index could see selling pressure at higher levels.

The Nifty Midcap index took support at its 40 DEMA on Tuesday as recovered some of the losses. However, the RSI readings on the Midcap and the Small Cap stocks are hinting at possibility of some more time-wise corrective phase in the broader markets. Hence, traders are advised to avoid aggressive positions and look to lighten up longs on intraday pullbacks. 

                                                       Recovery in index led by Pvt. Sector banks

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 21600 45350 19980
Support 2 21470 45000 19780
Resistance 1 21830 45900 20330
Resistance 2 21900 46300 20480

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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.

Disclaimer

Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
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