Market Outlook for 16 February 2024

Ruchit Jain

Last Updated: 16th February 2024 - 11:55 am

Nifty carried forward the previous day’s momentum and rallied higher on the weekly expiry day. The Nifty index surpassed 21900 mark and ended above it with gains of about one-third of a percent.

Nifty Today:

Nifty has rebounded sharply from Wednesday’s low of 21530 and is now again on the verge of reclaiming the 22000 mark. The index has gone through a time-wise corrective phase where the swing low of 21530 almost coincides with the 40 DEMA support, and the swing high at 22127 is the immediate resistance. A breakout beyond the same will then lead to a directional move in the index. However, amidst this consolidation in the index, the stock specific momentum continues to be robust, especially the PSU stocks which have rallied sharply post a small corrective phase and some of them have even formed new highs. Thus, until the index gives a breakout on either side, it is better to trade with a stock specific approach and look for stocks which are outperforming with high volumes. The immediate support for Nifty is placed in the range of 21800-21750 followed by the swing low at 21530.

PSU stocks continue to outperform the broader markets

Nifty, Bank Nifty Levels and FINNIFTY Levels:

	Nifty Levels	Bank Nifty Levels	FINNIFTY Levels
Support 1	21820	45775	20270
Support 2	21730	45500	20120
Resistance 1	21980	46480	20510
Resistance 2	22050	46750	20600

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