Market Outlook for 16 July 2024
Nifty Outlook for 11 Apr 2023
Last Updated: 11th April 2023 - 03:59 pm
The benchmark index erased the early gains and closed at a flat note. After the positive opening, the nifty50 index went up to 17694 in the initial session, but in the second half we witnessed volatile moves in the market and it ended at 17624 with a minor gain of 25 points. While, Banknifty underperformed the broader market throughout the day and settled in negative territory at 40834.65 levels.
Nifty Today:
On the sectoral front, Nifty Realty stocks like GODREJPROP, DLF, SOBHA have outperformed, while FMCG stocks like NESTLEIND, TATACONSUM, HINDUNILVR traded lower for the day.
Overall, the index rallied well after surpassing the 17200 mark and moved almost 500 points in the last four trading sessions. On the option front, the highest call option OI buildup is at 18000 levels followed by 17700, while the put option OI is at 17600 and 17500 levels, which indicate a further range of nifty between the 17500 to 17700 mark, so either side's breakout will decide the next direction of the market.
Nifty erased early gains amid volatility
Technically, the nifty50 index has tested the upper band of the Channel formation and rejected from there that indicates immediate hurdle around 17700 levels. However, the prices are still hovering above the 200-day EMA, which shows a further support zone around 17500 levels for the near term. A momentum indicator, RSI, is holding near the 60 mark with positive crossover in the daily timeframe.
Hence, traders are advised to trade cautiously, until nifty breaks the 17700 levels. Once the nifty index continues above it, we may see a fresh breakout for the next target of 18000 levels.
Nifty & Bank Nifty Levels:
|
Nifty Levels |
Bank Nifty Levels |
Support 1 |
17500 |
40400 |
Support 2 |
17300 |
40000 |
Resistance 1 |
17700 |
41300 |
Resistance 2 |
17850 |
41700 |
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