Market Outlook for 16 February 2024

Market Outlook for 16 February 2024
Market Outlook for 16 February 2024

by Ruchit Jain Last Updated: Feb 16, 2024 - 11:55 am 600 Views
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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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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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