Morning Outlook 06th February, 2023

NIFTY:

the NIFTY opened at 17721.75 with a big gap up of 110 points. The index did not sustain at the higher levels and started drifting downwards from the opening tick. Prices have filled the gap, moved further down, and then found support around 17600. The index recorded its intraday low at 17584.20 and started moving higher. The rally lasted till the end and prices recorded its intraday high at 17870.30. The index finally closed at 17854.05 near its day’s highs with a gain of 243.65 points or 1.38% up. BANK and FINANCIAL outperformed today and ended with a gain of over 2% followed by AUTO which gained over 1%. PHARMA and OIL GAS under performed today and ended lower by nearly 1%. Last week. we have seen a sharp fall. This week the index recovered almost half the losses and ended the week with gains. We have been tracking support around 17500 and resistance around 17800. The NIFTY today broke above 17800 resistance and closed higher. This has changed the short-term trend to sideways. However, the bias is turning bullish as the INDIA VIX fall and now moving below level 15. We should look for a buying opportunity. The idea is to wait till 09:30 AM and then look to buy above the high recorded if it is above 17800. If not, then we should look to buy above 17800. Keep a stop of 80 points and a target of 240 points from our entry price.

BANK NIFTY:

the BANK NIFTY opened at 39943.35 with a big gap down of 556 points. The index initially went up after recording its intraday low at 39761.45 in its initial trades. The gap was filled quickly and then the index started a consolidation process, Prices again rallied, recorded its intraday high at 40757.60, and finally closed at 40722.40 with a gain of 223 points. PSU BANK has under per formed today, saw a minor intraday decline, and closed lower by 0.17%. PVT BANK has outperformed today and closed higher by 0.68%. Within the index, in terms of points, INDUSIND BANK contributed the highest on the upside while HDFC BANK contributed the lowest. BANK NIFTY continued its volatile movement but today traded in a comparatively narrow range. A gap-down opening did not succeed today and the index ended on a positive note. It was a trend day today on the upside where prices have recorded its intraday low near the opening tick and intraday high near the closing tick. The index is consolidating after a recent downswing. Support is visible around 39500 while resistance is visible around 41500. We should wait for the next couple of days and then plan our trade. Till then avoid trading the index.

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