Daily Nifty50 Analysis

NSE:NIFTY   Nifty 50 Index
Overview- Important factors to dominate the market this week are - FOMC Minutes, Global and Domestic Economic data and FII Outflows. Oil Prices are more or less stable and don't show any signs of impending volatility.

Outlook for 19/2/2024- The market smartly recouped its previous week's losses and climbed more than 1 percent to reach closer to its record high in the week ended February 16 despite uncertainty over the timing of the beginning of the rate cut cycle and net FII outflow. Nifty remained sideways on 16/2/2024 and closed higher at its resistance level of 22065. A Gap down opening seems to be probable tomorrow. Important resistance levels at 22065 and 22126. Important support levels at 21950, 21930 and 21529.


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