Nifty Outlook 15 Feb 2023

Nifty started the day with a gap up opening above 17800 and witnessed buying interest led by the IT stocks. The banking and Financials too picked up momentum later on which led to a continued momentum and Nifty crept higher to end the day well above 17900 with gain of over 150 points.

Nifty Today:

Since last few days, our market has been consolidating within a tight range and it witnessed a good momentum led by index heavyweights. Sectors such as IT and Banking witnessed upmove while heavyweights such as Reliance and IT too supported to lead the Nifty higher. Now, Nifty is on the verge of a breakout above the falling trendline resistance which is seen around 17950. A move above the same could lead to a gush of buying interest and the index could then rally towards 18200-18250 range. On the flipside, 17800 and 17720 will be seen as the immediate support range. The global markets look positive and since FIIs positions are short-heavy, short covering by them could be a major trigger for the upmove post breakout. Traders should look for buying opportunities and trade with a positive bias.

Nifty gains momentum led by index heavyweights

The BankNifty index has also consolidated in a range in last few sessions wherein 41700-41800 range has acted as a resistance. A breakout above this zone in the BankNifty index could lead to a lot of positive momentum in the stocks within this sector.

Nifty & Bank Nifty Levels:

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