Market Outlook for 16 July 2024
Market Outlook for 25 April 2024
Last Updated: 25th April 2024 - 05:16 pm
Nifty consolidated within a narrow range ahead of the April series F&O expiry and the index ended above 22400 with marginal gains.
Nifty Today:
It was a day of consolidation for the index as the Nifty is trading around its crucial resistance zone of 22400-22500. However, the market was no short of action as the stock specific momentum was robust due to buying interest in the broader markets. The Midcap index inched higher while the Small Cap index is forming new record highs daily. As far as the index is concerned, Nifty needs to surpass and sustain above 22500 mark for a continuation of the uptrend and till then, there is a possibility of a short term correction which may be a time-wise correction if not price wise dip. Thus, trading with a stock specific approach seems to be a better strategy for the time being. FIIs have not yet covered their short positions and hence it will be crucial to see how they roll over these positions to the next series. The RSI on the daily chart has not given a positive crossover yet, and hence, it is advisable to avoid fresh longs in the index until we see a breakout above the mentioned hurdle. On the lower side, the immediate support for the Nifty is placed around 22200 followed by 22000-21950 zone.
Nifty turns lower ahead of weak global cues
Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY Levels | SENSEX Levels | BANKNIFTY Levels | FINNIFTY Levels | |
Support 1 | 22320 | 73580 | 47940 | 21300 |
Support 2 | 22270 | 73380 | 47850 | 21250 |
Resistance 1 | 22500 | 74250 | 48370 | 21550 |
Resistance 2 | 22550 | 74400 | 48500 | 21620 |
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