Weekly Market Outlook for 27 Feb to 3 Mar

Weekly Market Outlook for 27 Feb to 3 Mar
Weekly Market Outlook for 27 Feb to 3 Mar

by Ruchit Jain Last Updated: Feb 27, 2023 - 11:38 am 355 Views

Both Nifty as well as Bank Nifty index corrected last week without any pullback move as the broader markets witnessed selling pressure. Nifty breached its important support of 17800 during the week which led to selling pressure and it ended below 17500 with a weekly loss of over two and a half percent.


Nifty Today:


It was a tough week for the weeks as the markets did not see any upmove during the week and Nifty ended in the red for sixth session in a row. FII’s have rolled over their short bets in the index futures segment to the March series as well and they have over 80 percent of the positions on the short side at the start of the new F&O series. This indicates their bearish stance for the short term. The momentum oscillator on both Nifty as well as Bank Nifty daily charts are in sell mode, but has reached the oversold territory on the hourly charts. Further, Nifty is approaching its previous low support zone of 17350-17400 which was low formed on the Budget day. Hence, although the momentum looks weak, a pullback move from this support zone is possible to relieve the hourly oversold set ups. During pullback moves, resistance would be seen in 17550-17650 range. Traders are also advised to keep a close tab on the Nifty Midcap 100 which exhibits the broader market strength. It has a strong support in the range of 29850-29900 where the index has frequently taken support in last six months. If the index breaks this support on closing basis, then it would be sign of further weakness in the broader markets.


Short bets by FIIs build pressure on markets


Weekly Market Outlook 27 Feb 2023 Graph


Looking at the above data and levels, it seems that although the data and momentum are negative, the risk reward is not favorable for fresh short formations here due to oversold set up. Thus, a pullback move from the above mentioned support zone is possible in the coming week to relieve the oversold set ups. 


Nifty & Bank Nifty Levels:


Nifty Levels

Bank Nifty 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.

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