Nifty Outlook 8 Feb 2023

Ruchit Jain Ruchit Jain

Last Updated: 8th February 2023 - 10:40 am

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Nifty continued to trade within a range in Tuesday’s trading session as well where it witnessed buying interest during intraday dips and it ended the day above 17720 with a loss of about a quarter of a percent.

Nifty Today:

 

Nifty consolidated within a range in last couple of sessions below its ‘20 DEMA’ hurdle which is placed around 17870. The Dollar index has seen a sharp pullback in last couple of sessions while INR has depreciated against the dollar in last few sessions. Also, the FII’s have been negative on our markets recently as they have been selling equities in the cash segment and have formed short positions in the index futures as well. Their ‘Long Short Ratio’ is just around 15 percent which was last seen when the market formed a bottom in June 2022. So post all the last week’s volatility, the markets seems to have stabilized but still the above data from FII’s and the INR are restricting the market upmove. As of now, 17560 and 17450 are seen as the immediate support levels for the short term while the resistance of 17870 needs to be surpassed for an upmove towards 18000-18200. Traders can look for buying opportunities for now and once the above hurdle is surpassed, the broader markets are likely to do well.  

 

Short positions by FIIs restricts market upmove, breakout above 17800-17870    

 

Nifty Outlook 8 Feb 2023 Graph

 

The Bank Nifty index has shown relative outperformance and it too is currently hovering around its ‘20 DEMA’ hurdle. Above 41800, this index too can see a buying momentum towards 42500. 

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

17645

41180

Support 2

17579

41000

Resistance 1

17800

41715

Resistance 2

18890

41940

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