Market Outlook for 16 July 2024
Nifty Outlook for 20 Apr 2023
Last Updated: 20th April 2023 - 11:07 am
The benchmark indices consolidated within a range for the third consecutive session, however the stocks from the cash segment (midcaps and small caps) continued with their positive momentum. Nifty breached 17600 level during the day, but managed to close above that with a marginal loss of a quarter of a percent.
Nifty Today:
The benchmark indices have consolidated within a range for last three sessions which just seems to be time-wise correction as the momentum readings got overbought post the recent nine-day’s rally. For Nifty, 17500 is a strong support as the ’20 DEMA’ is placed around that level and the options writers too have built decent positions at that strike. Till this level is intact, near term traders should avoid short formations and infact look for buying opportunities around the support as the risk rewards ratio would turn favorable again. Given the underperformance from the IT basket and strength seen in the Banking and NBFC names, the banking index might see a relative outperformance and hence, traders should prefer to look for opportunities in the banking space amongst the indices. The midcap and the small cap stocks are continuing the momentum and stocks where resistances are broken with high intraday volumes are witnessing good outperformance. Traders should look for such opportunities as such stocks could deliver good returns with limited risk.
Nifty consolidates in a range, but uptrend remains intact
As far as levels are concerned, the immediate supports for Nifty are placed around 17570 and 17500 while resistance will be seen around 17700. Amongst sectoral moves, the sugar stocks seems to be in a sweet spot and are gaining positive momentum. One can focus on specific stocks from this sector for short term trading.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
|
Nifty Levels |
Bank Nifty Levels |
Support 1 |
17570 |
42000 |
Support 2 |
17500 |
41850 |
Resistance 1 |
17670 |
42320 |
Resistance 2 |
17700 |
42490 |
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