Weekly Market Outlook for 8th April to 12th April

Ruchit Jain Ruchit Jain

Last Updated: 8th April 2024 - 10:38 am

Listen icon

In the week gone by, Nifty traded within a narrow range, but it registered a new record high and the broader markets participated well with stock specific positive momentum. Nifty ended above 22500 and posted weekly gains of less than a percent, but the midcap and the small indices outperformed with weekly gains of 4 percent and 6 percent respectively.

Nifty Today:

The broader uptrend remains intact as the market breadth is positive inspite of some consolidation in the Nifty. Infact good buying interest was seen in the midcap and the small cap stocks due to which the Midcap100 index has registered a new record high and the Small cap indices also is close to its previous high. The short term support for Nifty is placed around 22300 which would be seen as crucial level in the coming week. Till this is intact, the momentum remains bullish and the index could rally towards 22700-22750 zone.

Only below 22300, we would expect some profit booking towards 22100-22000 range. The Bank Nifty index has kept its ‘Higher Top Higher Bottom’ structure intact and this index too showed a relative outperformance in the recent week. This index is just a kissing distance away from its previous all-time high of 48636 which was last seen in December 2023. This index could rally towards 48800 followed by 49600 in the near term, while the immediate support for the banking index is placed in the range of 47750-47400.

                                 New high for the Midcap index, Bank Nifty approaching record levels

The RSI oscillator on the Nifty as well as the Bank Nifty index remains positive and thus, the short term momentum is bullish. Hence, traders are advised to continue to trade with a positive bias and review the same if the index breaks the above mentioned important support. 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 22400 73770 48070 21370
Support 2 22300 73600 47700 21200
Resistance 1 22600 74600 48790 21670
Resistance 2 22750 74850 48980 21760
How do you rate this article?
Characters remaining (1500)

FREE Trading & Demat Account
+91
''
By proceeding, you agree to our T&Cs*
Mobile No. belongs to
hero_form

Market Outlook Related Articles

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

Market Outlook for 10 July 2024

by Sachin Gupta 10th 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.

Want to Use 5paisa
Trading App?