Market Outlook for 14 February 2024

Ruchit Jain

Last Updated: 14th February 2024 - 10:59 am

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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