NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 24 FEB 2023

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The Nifty February futures index ended broadly unchanged from the Nifty 50 on the day of its expiry. On Thursday, the NSE's 50-scrip benchmark extended its decline for five straight days as concerns of further rate hikes escalated, after central banks' minutes this inflation revealed is still high and needs to be brought down. According to the NSE, the Nifty February futures index closed at 17,511.90 compared to the previous value of 17566. The latest close of the Nifty February futures is on similar lines to the Nifty 50. The 50 scrip benchmark closed down 43 points at 17511 lower. 17455 low should serve as immediate support for the falling Nifty. A decisive drop below 17450 could trigger the decline to resume. In this case, it could fall towards 17200-17150. However, if it does not collapse, it may recover towards 17750-17850, where the upper band of the falling channel lies.

Resistance: 18200, 18300, 18400   

Support: 18100, 18000, 17900