NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 16 FEB 2023

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Markets were slightly volatile in early trades but rallied in late trades to end in steady gains as investors resorted primarily to selective buying. Traders are currently proceeding cautiously due to the uncertainty in the global markets and the trend could continue for some time. The market ended higher with Nifty above 18,000. At the close, the Sensex was up 242 points to 61275 and the Nifty was up 86 points to 18015. Asian equities were mostly down but European markets recovered from initial weakness on Wednesday after US inflation fell less-than-expected, what the US federal government is worried about Reserve might think more rate hikes are needed. CPI data from the UK showed inflation fell for the third straight month to 10.1% in January, according to the Office for National Statistics, below Reuters economists' expectation of 10.3%. Technically after the breakout at 18000 the market is trading comfortably above 17900 which is largely positive. The Nifty has also formed a bullish candle and higher bottom formation on intraday charts, supporting further upside from the current levels. For trend-following traders, 17950 would act as a key support zone, above which the index could rally to 18050-18150. On the other side, below 17950, bulls may prefer to exit the trading long position.