NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 16 FEB 2021

Markets started the week on a robust note and made a new record high, largely led by firm global cues and encouraging domestic macro-economic data. The benchmark opened gap up and hovered in a range for most of the session however renewed buying in the last hour helped the index to close around the day’s high. Consequently, the Nifty index closed at 15,315 levels, up by 1%. A mixed trend continued on the sectoral front wherein banks and realty were the top gainers that supported the rally while FMCG, IT and consumer durables ended in the red.

Markets have resumed the trend after a week-long consolidation phase and we are now eyeing the 15500 in Nifty. With no major events, participants should keep a close watch on global markets for cues. Also, maintain focus on the selection of stocks and avoid a contrarian approach. This has proven to be the smartest rally after 4 days of aggregation. Based on the daily chart, Nifty moving towards 15500 levels with minor resistance at 15350-15400 level and on the downside, 15250-15200 and 15100-1500 would be the big supports. Our strategy is to reduce weak long positions and we need to make partial profits in positions where there are abnormal gains. Along with financial, the focus should also be on auto stocks.

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Resistance: 15400, 15500

Support: 15200, 15000