Nifty Outlook 14 Feb 2023

Nifty Outlook 14 Feb 2023
Nifty Outlook 14 Feb 2023

by Ruchit Jain Last Updated: Feb 14, 2023 - 10:54 am 1.4k Views
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Nifty started the new week on a positive note, but it soon corrected led by the IT stocks. The Banking space too then witnessed selling pressure and as a result, Nifty corrected towards 17720 around noon. The index recovered marginally from the lows but did not manage to recover much and it ended the day below 17800 with a loss of about half a percent.

Nifty Today:


The markets did not see any positivity on the first trading session as the indices corrected and traded with a negative bias throughout the day. Except FMCG, all the sectoral indices ended in the red indicating a broad market sell-off. Technically, the Nifty index still continues to trade within a channel and the prices are yet to breach the resistance end. The FII’s also still continue with their bearish positions in the index futures segment with more than 80 percent of the positions on the short side. Hence, until we see a breakout in the index from the resistance end and short covering by the stronger hands, market is likely to oscillate within a range. The breakout will be seen above 17900-17950 range which will be the trigger for the markets to rally higher.  On the flipside, 17700 followed by 17635/17570 will be seen as support levels. Until we see a price breakout above the resistance and short covering by FIIs in the index futures, traders should trade with a stock specific approach and look for stocks which are showing resilience in such market conditions.  


FII’s still continue to hold majority of short positions in index futures


Nifty Outlook 14 Feb 2023 Graph


Amongst sectoral indices, the Nifty IT index witnessed correction and the momentum readings on the daily chart have given a negative crossover indicating that the stocks from this sector might witness some profit booking in the near term. On the other hand, the banking index needs a breakout above 41700-41800 range which could then result in this space resuming its uptrend. 


Nifty & Bank Nifty Levels:


Nifty Levels

Bank Nifty Levels

Support 1



Support 2



Resistance 1



Resistance 2



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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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