Market Outlook for 21 February 2024

Market Outlook for 21 February 2024
Market Outlook for 21 February 2024

by Ruchit Jain Last Updated: Feb 21, 2024 - 11:15 am 590 Views
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Nifty traded within a narrow range in Tuesday’s session but ended the day at new highs around 22200. The Bank Nifty index rallied higher and outperformed others to end the day above 47000 mark.

Nifty Today:

Nifty has just completed a time-wise corrective phase where it consolidated within a range in last one month. The index has surpassed the swing highs and has resumed the broader uptrend. The Bank Nifty index too surpassed its resistance and showed signs of a short term upmove. The RSI readings on the daily chart of both Nifty as well as the Bank Nifty hints at a positive momentum and hence, we expect this trend to continue.

If we look at the F&O data, FII’s have reduced some of their net short positions in the index futures segment and in the options segment, put writing was seen in Nifty at 22000 strike. Thus, 22000-21900 will be seen as the immediate support for the index while positional support base has shifted higher to 21600. On the higher side, the upmove could continue towards 22450-22500 in the near term which is the extension levels added to the recent swing low. 

                          Bank Nifty witnesses a catch up move to cover up recent underperformance


Hence, traders are advised to continue to trade with a positive bias until any signs of reversal seen.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 22090 46650 20580
Support 2 21980 46350 20360
Resistance 1 22260 47360 20920
Resistance 2 22320 47650 21040

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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.


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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