NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 28 FEB 2023

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Bears continued to wreak havoc on the domestic market as the latest data release from the US added to existing concerns about aggressive rate hikes. US personal spending, which can be monitored by the Fed for inflation, rose in January, urging investors to stay away from stock markets. The US dollar index surpassed 105 which further pressured the INR. The markets started the week weakly and lost almost half a percent in continuation of the prevailing correction phase. After the initial tide, Nifty broke the budget's low for the day,. 17353 levels, and oscillated in a narrow band thereafter. Meanwhile, pressure in IT, metals and auto companies set a negative tone, but the resilience of the banking package limited the damage. And a renewed decline in broader indices further soured sentiment. At Close, the Sensex was down 175.58 points or 0.30% at 59,288.35, and the Nifty was down 73.10 points or 0.42% at 17,392.70. About 944 shares have advanced, 2511 shares declined, and 174 shares are unchanged Nifty recovered before closing around the daily high when it formed a hammer pattern on the daily chart, indicating the possibility of a bullish reversal. It found support around the 200DMA on the daily chart. Going forward, the index could see a strong rebound as long as it closes above the 200-day moving average (17370). At the upper end, the index could recover towards 17600/17750 in the short term. However, a decisive drop below 17370 could open the gate towards 17150 and below. Bank Nifty bulls bounced back strongly for lower levels and managed to hold 39,700 support. The index's immediate resistance is 40,500 and if it holds above it may witness a pullback rally to 41,000 where new calls will become visible. The index remains in a buy-on-dip mode as long as the mentioned support holds.

Resistance: 18200, 18300, 18400   

Support: 18100, 18000, 17900