Nifty Outlook 10 Feb 2023

Nifty Outlook 10 Feb 2023
Nifty Outlook 10 Feb 2023

by Ruchit Jain Last Updated: Feb 09, 2023 - 05:03 pm 2k Views
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Nifty traded within a narrow range on the weekly expiry day. The index witnessed a dip below 17800 in the initial half an hour but that dip witnessed buying interest as it recovered quickly and then consolidated within a 100 point range for rest of the day. Nifty ended tad below 17900, with marginal gains over previous day’s close. 

Nifty Today:

Nifty been consolidating within a range as the volatility has subsided post last week’s events. However, the undertone remains bullish as the broader markets have been witnessing buying interest and the momentum readings have given a positive crossover recently. FII’s have short heavy positions and have started covering some of their short positions in the index futures. But still, their ‘Long Short Ratio’ is around 19 percent and any further covering could lead to a positive breakout in the Nifty. The Nifty index has been trading in a falling channel and has recovered from the support end since the Budget day low. The resistance end is seen around 18000 mark and once this level is taken out, we would then see a gush of buying interest.

 

Nifty consolidates on weekly expiry day, buying interest seen in intraday declines    

 

Nifty Outlook 10 Feb 2023 Graph

 

Hence, until we get any negative signals traders should look for buying opportunities on intraday declines. The immediate support for Nifty is placed around 17770 and 17700.

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

17770

41320

Support 2

17700

41200

Resistance 1

18000

41700

Resistance 2

18070

41860

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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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