Nifty Outlook 17 Feb 2023

Nifty started the weekly expiry day with a gap up opening around 18100. The index traded in a range at higher levels till noon, but it then witnessed a gradual correction towards the end and gave up most of the opening gains to end above 18000 with marginal gains.

Nifty Today:

The markets started the day on a positive note as the Nifty had reclaimed the 18000 level in the previous session. However, some profit booking towards the end in the banking space dragged the markets off the highs. But the broader markets had seen a good momentum led by IT stocks which have been buzzing since last couple of days and others such as the defense, Metals and Realty sector witnessed good buying interest. Now, inspite of the intraday volatility the short term trend remains positive and hence, traders should look for buying opportunities from a short term perspective. Nifty has already seen a breakout and pullbacks could be a good opportunity to form long positions. The Bank Nifty index has not seen a catch up move so far and it has not yet surpassed its Budget day high whereas Nifty has. So it would be important to see the follow up move but eventually if the Nifty trends higher then sooner or later this space too should see positive momentum. FII’s have trimmed some of their short positions and hence, this trigger should lead the markets higher in the short term.

Broader markets witnessed buying momentum

The support for Nifty is placed in 17970-17920 range and dips in this support range should be used as an opportunity to create longs. On the flipside, the immediate resistance to watch out on the higher side would be 18150 followed by 18250-18265.

Nifty & Bank Nifty Levels:

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