Market Outlook for 15 February 2024

Market Outlook for 15 February 2024
Market Outlook for 15 February 2024

by Ruchit Jain Last Updated: Feb 15, 2024 - 09:52 am 661 Views
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In Wednesday’s session, our markets started trading on a negative note below 21600 following the global markets which corrected post the US Inflation data. However, the indices recovered slowly from the lows and crept higher throughout the day to recover all losses and end around 21850 with gains of about half a percent.

Nifty Today:

The negative global cues led to a weak opening for our markets, however, we did not see any follow up selling as put writing was seen in the derivatives segment right from the open. This led to a pullback move and then as the day progressed, some short covering was seen in the later part of the day. Thus, this activity in the derivative segment led to a recovery in the markets ahead of the Nifty’s weekly expiry day. Now technically, the Nifty index has been in a consolidation phase since last few days which seems to be a time-wise correction.

The index has managed to defend the 40 DEMA support which is placed around 21500 now. Thus, this becomes a make or break level for the short term and only on a breakdown below this, one should then expect any price wise corrections. On the higher side, the index has recently resisted at 22000-22125 range and the Nifty needs to surpass the recent highs to confirm a continuation of the uptrend. 

                                                       Market shrugs off negative global cues

The PSU stocks once again showed good momentum post a sharp correction in last few days. The PSU banking stocks within this space have been witnessing good buying interest and thus could see a relative outperformance. Also, the RSI oscillator on the daily chart of the Bank Nifty index is on the verge of a positive crossover and if this continues then, the banking space could see a positive momentum in the near term.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 21740 45650 20220
Support 2 21620 45200 20050
Resistance 1 21970 46430 20500
Resistance 2 22090 46950 20670

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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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