Nifty Outlook 9 Feb 2023

Nifty Outlook 9 Feb 2023
Nifty Outlook 9 Feb 2023

by Ruchit Jain Last Updated: Feb 09, 2023 - 11:36 am 1.8k Views
Listen icon

Nifty started the day marginally positive but it witnessed buying interest right from the opening ticks led by the heavyweights from the IT space. The index traded with a positive bias throughout the day and ended above 17850 with gains of almost a percent.

Nifty Today:


Nifty traded with a positive bias in Tuesday’s session but the Bank Nifty index consolidated in a narrow range post the announcement of the RBI policy outcome. The support for the market was majorly seen from the IT stocks and heavyweights such as Reliance Industries. The India VIX has cooled off to below 14 now indicating that the market has discounted all the recent news flows. Nifty has been trading in a channel and it has recovered from the lower end of the channel since the Budget day, and is now moving towards the higher end around 17950-18000. The market breadth has been positive indicating a buying interest in the broader markets. The only worry factor has been the selling by FIIs as they had only about 15 percent of their positions on the long side and 85% on the short side. But, these positions too seem to be short heavy and if they start covering their short positions then that could lead to a good upmove in the indices in near term. However, when will they trim their positions, needs to be seen. Traders are advised to continue to trade with a positive bias and look for buying opportunities on intraday declines. The support for Nifty is placed in the range of 17800-17770 for the expiry day and one can look to buy on any declines towards this range.


Nifty witnessed positive momentum amidst buying interest in broader markets      


Nifty Outlook 9 Feb 2023 Graph


On the flipside, 17950-18000 is seen as the immediate hurdle, above which the index could see a continuation of movement towards 18200.


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 Outlook on Copper - 01 December 2023

Copper prices saw a modest 0.33% gain, reaching 722 on Thursday, as worries about a slowdown in Chinese manufacturing loomed large. The November's NBS Manufacturing PMI slipped to 49.4, the second consecutive monthly decline, heightened concerns, emphasizing the need for additional government support to fortify China's economic growth. The NBS Non-Manufacturing PMI at 50.2, reflecting the 11th month of service sector expansion, hinted at a softer pace.

Swing Trading Stocks: Week of 04 December 2023

Swing Trading Stocks for the Week

Weekly Market Outlook for 04 December to 08 December

Our markets started the truncated week on a positive note and it rallied higher throughout the week. The first day of the December month infact witnessed a new record as the Nifty surpassed its previous high and ended in uncharted territory above 20250 with weekly gains of almost two and a half percent.