Market Outlook for 14 February 2024
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 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
|Bank Nifty Levels
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