Nifty Outlook 23 Feb 2023

Nifty Outlook 23 Feb 2023
Nifty Outlook 23 Feb 2023

by Ruchit Jain Last Updated: Feb 23, 2023 - 10:40 am 1.5k Views
Listen icon

On the back of the correction in the U.S. markets, our markets started the day with a gap down below 17800 and it then corrected throughout the day along with the broader market sell-off. Nifty finally ended around 17550 with a loss of one and a half percent over previous session’s close.

Nifty Today:


Our markets witnessed a sell-off across the sectors as the Nifty index breached below the crucial support of 17800 which negated the recent breakout pattern. The BankNifty index was already in a corrective phase and the Nifty index too entered the corrective zone. India VIX increased by 11 percent to surpass the level of 15 ahead of the F&O expiry day. The RSIS oscillator on both Nifty as well as BankNifty is in ‘Sell Mode’ now indicating a short term corrective phase. However, the readings on the hourly charts have reached the oversold zone for Nifty as well as BankNifty where we have seen a cut of about 2000 points in last five trading sessions. Hence, to relieve these oversold set-ups a pullback move could not be ruled out in next couple of trading sessions. FII’s have been on the short side in the index futures segment throughout the February series and whether they rollover these positions needs to be seen. So looking at the above data and the chart structure, we believe that the short term momentum is negative for the markets but oversold on lower time frame. So one should avoid forming shorts at current juncture and look for a pullback move to relieve the oversold set ups. 


Market witnesses sell-off as Nifty breaks important support 


Nifty Outlook Graph


The important supports for Nifty are placed around 17465 and 17375 whereas resistance will not be seen in the range of 17700-17800.


Nifty & Bank Nifty Levels:


Nifty Levels

Bank Nifty Levels

Support 1



Support 2



Resistance 1



Resistance 2



How do you rate this blog?


Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage


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.
Open Free Demat Account
Resend OTP
Please Enter OTP
Mobile No. belongs to

By proceeding, you agree to the T&C.

Latest Blogs
Weekly Wrap-up: Tata Tech's Dazzling IPO Debut & the Tax Tale

In the heart of the bustling Indian stock market, a tale of triumph unfolded on November 30th, as Tata Technologies made an awe-inspiring debut. The curtains lifted at ₹1,200 apiece on the National Stock Exchange (NSE), casting a premium spell of 140% over the issue price of ₹500 per share. This stellar entry marked the grandest listing since November 2021, echoing through the financial corridors with waves of excitement.

Stock In Action: JSW Steel

Movement of the Day Analysis 1.    Strengths: Strong Momentum: Price above short, medium and long term from 5 days to 200 days respectively. 2.    Positive break-out. 

Swing Trading Stocks: Week of 11 December 2023

Swing Trading Stocks for the Week