Weekly Market Outlook for 13 Feb to 17 Feb

Weekly Market Outlook for 13 Feb to 17 Feb

by Ruchit Jain Last Updated: Feb 13, 2023 - 10:50 am 2k Views
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During the week gone by, the minor decline in the early part of the week witnessed some buying interest as the market recovered from the lows around 17650 upto 17900, and it then consolidated within a range in last couple of sessions. Nifty ended the week below 17900 on a flat note.

 

Nifty Today:

 

Post the volatility seen in the Budget week, our markets have stabilized as the negative impact of the sharp correction in the Adani group stocks over the broader markets have subsided. India VIX has declined to below 13 which is a positive sign. Nifty has been trading within a channel and it is now near the higher end of the pattern which is in the range of 17950-18000. The global markets have done well recently but our markets have not seen such a move and have underperformed the global peers. The main reason for the underperformance has been the selling by the FIIs who have sold equities in the cash segment and have been sellers in the index futures segment too. Their ‘Long Short Ratio’ in the index futures segment is around 19 percent. These positions are short heavy and any positive trigger could lead to short covering by them. This would be the major trigger for the market and hence, traders should keep a close watch on their positions. The broader markets have started picking up momentum as the Nifty Midcap100 index has formed a strong support base at the recent lows around 30000. Hence, traders should look for stock specific buying opportunities from the broader markets from a short term perspective.

 

Broader markets have started picking momentum as volatility subsides

 

Weekly Market Outlook 13 Feb 2023 Graph

 

As far as Nifty is concerned, a breakout above 17950-18000 could then lead to a gush of buying interest and short covering which could lead it towards 18200-18250. On the flipside, 17700-17600 is seen as the immediate support range.

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

17750

41250

Support 2

17700

41000

Resistance 1

17950

41800

Resistance 2

18000

42000

 

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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.

Disclaimer

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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