Nifty Outlook 7 Feb 2023

Nifty Outlook 7 Feb 2023
Nifty Outlook 7 Feb 2023

by Ruchit Jain Last Updated: Feb 07, 2023 - 10:34 am 1.9k Views

Nifty traded with a negative bias on the first trading session of the week but the overall market breadth was positive and the index ended below 17800 with a loss of half a percent.

Nifty Today:


Post the pullback move on Friday, the trend consolidated in a range with some negative bias in Monday’s session. However, the broader markets did well as the breadth was positive and the Midcap stocks witnessed buying interest which led to an outperformance in the midcap index. The Nifty Midcap100 Index has formed a support base at 30000-29900 range and if the index manages to hold this, it would be seen as a ‘Triple Bottom’ at this support. Hence, the midcap stocks seems to have started gearing for the next leg of upmove and hence traders should look for stock specific opportunities from this space. As far as Nifty is concerned, the immediate resistance is around 17870 which is around the 20 DEMA, above which the index could rally towards the channel resistance of 18000. On the flipside, 17500-17450 is the immediate support range. The FII’s have covered some of their shorts in Friday’s session but still their ‘Long Short Ratio’ indicates heavy short positions intact. If they start covering these positions, then could be the major trigger for the markets to rally in the near term. Hence, traders should keep a close watch on their positions. 


Midcap stocks witnessing buying interest amidst consolidation in benchmark   


Midcap stocks witnessing buying interest amidst consolidation in benchmark


Amongst sectoral indices, the midcap stocks as mentioned above could witness outperformance and hence traders should look for opportunities from Nifty Midcap100 stocks. Certain metal stocks have breached their important supports and hence, one should be cautious on this sector for the time being.


Nifty & Bank Nifty Levels:


Nifty Levels

Bank Nifty Levels

Intraday FINNIFTY 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.India consu
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