Nifty Outlook 22 Feb 2023

Nifty Outlook 22 Feb 2023
Nifty Outlook 22 Feb 2023

by Ruchit Jain Last Updated: Feb 22, 2023 - 10:21 am 350 Views

Nifty traded in narrow range in Tuesday’s session wherein it initially recovered about 100 points from the morning lows, but again corrected in the later part of the day to end above 17800 with a marginal loss.

Nifty Today:


Post the recovery in the last week, our markets have retraced back in last few sessions as the banking index has seen a price wise correction and has underperformed the benchmark. The momentum readings for the BankNifty index are still in corrective phase but are positive for the Nifty. This indicates relative strength in the Nifty but it needs to be seen when the market resumes any momentum. As of now, it seems a broad consolidation phase or a time-wise correction in the markets where stock specific momentum are seen on both the sides of the trade. With monthly expiry nearing, it would be interesting to see if FII’s square off their short positions in the index futures or roll-over their short bets. Until we see signs of any directional moves, traders should look for stock specific trading opportunities. 


Market in consolidation phase waiting for some trigger


Nifty Outlook Graph


Nifty has ended tad above its support of 17800, but if this gets breached then next supports would be around 17720 and 17650. On the flipside, 18000 again would be seen as immediate hurdle as the options writers have placed bets at that strike and a move above that is required for a positive momentum. 


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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