Weekly Market Outlook for 19 February to 23 February

Weekly Market Outlook for 19 February to 23 February
Weekly Market Outlook for 19 February to 23 February

by Ruchit Jain Last Updated: Feb 19, 2024 - 11:39 am 873 Views
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In the week gone by, our markets initially witnessed selling pressure and corrected upto 21530 during mid-week. However, the indices rebounded smartly in the later part of the week and it reclaimed the 22000 mark at close.

Nifty Today:

Our markets have seen some roller coaster move in last one month, however this volatility has been within a broad range where the index resisted twice around 22127 and the declines from that support witnessed buying interest around the 40-day EMA. This seems to be a time-wise correction within an uptrend as the broader markets too were overbought and have cooled-off in this phase. The daily chart resembles an  ‘Ascending Triangle’ on the daily chart of Nifty, and the breakout is placed above the recent high of 22127. If this level gets surpassed, then the next target levels as per the measurement of this mentioned pattern will be seen around 22500 followed by 23000-23100 range. On the flipside, the immediate supports for Nifty are placed around 21925 and 21800 while positional support is the 40 DEMA level which is now around 21530. 

                                       Nifty reclaims 22000 mark, PSU, Auto and Pharma stocks outperform

Nifty reclaims 22000 mark, PSU, Auto and Pharma stocks outperform

A lot of sectors/stocks have already shown signs of resumption of the uptrend where sectoral indices such as Auto, IT, Oil & Gas, Pharma and PSU Banks have already surpassed the previous swing high. In case of a continuation of this uptrend, stocks from these sectors could continue the outperformance in the near term.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 21930 46000 20325
Support 2 21880 45770 20250
Resistance 1 22127 46630 20550
Resistance 2 22185 46880 20630

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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.

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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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