Nifty Outlook for 26 Apr 2023

Ruchit Jain Ruchit Jain

Last Updated: 26th April 2023 - 10:34 am

Listen icon

The indices traded in a narrow range in Tuesday’s session but the broader markets kept the momentum intact. Amidst stock specific movement, Nifty ended the day around 17770 with marginal gains while the Bank Nifty index ended on a flat note.

Nifty Today:

 

Nifty moved higher gradually and tested 17800 mark during the day. The indices did not see any significant move in Tuesday’s session but the stock specific moves were positive as the cash segment stocks witnessed outperformance. The derivatives data continues to be positive as the FIIs have added some long positions too post the recent short covering. Their ‘Long Short Ratio’ has improved to around 44 percent now. The immediate support for Nifty is placed in the range of 17720-17680 while the Bank Nifty support is placed around 17350. On the hourly chart, the Bank Nifty is showing some divergence as a new high in price is not confirmed by a new high in the RSI oscillator.

 

Index consolidates amidst buying momentum in midcap stocks

Nifty Graph

 

Such divergences can lead to some correction or a consolidation and hence, once should keep a close watch on this development. Although, the positional structure remains positive and hence one can keep a ‘Buy on dip’ approach.

 

Nifty, Bank Nifty Levels and FINNIFTY Levels:

 

Nifty Levels

Bank Nifty Levels

           FINNIFTY Nifty Levels

Support 1

17720

42500

                     18850

Support 2

17680

42350

                     18800

Resistance 1

17850

42860

                     19060

Resistance 2

17900

43000

                     19100

Trade with 0* brokerage for 30 days
Open FREE Demat Account with endless opportunities.
  • Flat ₹20 Brokerage
  • Next-gen Trading
  • Advance Charting
  • Actionable Ideas
+91
''
 
By proceeding, you agree to our T&Cs*
Mobile No. belongs to
hero_form

Market Outlook Related Articles

Market Outlook for 06th December 2024

by Sachin Gupta 18th Dec 2024

Market Outlook for 16 July 2024

by Ruchit Jain 13th Sep 2024

Market Outlook for 15 July 2024

by Ruchit Jain 11th Oct 2024

Market Outlook for 12 July 2024

by Ruchit Jain 12th Jul 2024

Market Outlook for 11 July 2024

by Sachin Gupta 11th Jul 2024

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.

Open Free Demat Account

Be a part of 5paisa community - The first listed discount broker of India.

+91

By proceeding, you agree to all T&C*

footer_form