Market Outlook for 04 April 2024

Nifty continued to consolidate within a range in Wednesday’s session as the broader markets rallied, but the index ended the day on a flat note. 

Nifty Today:

After registering a new high of 22530, Nifty has been consolidating in a range since last three sessions. The correction on the global bourses, rising crude oil prices, rise in bond yields and the event of RBI policy towards the end of this week may have led to bit uncertainty and hence a consolidation. However, the index has not breached any support and in fact the broader markets have been doing well due to which the market breadth remains positive. The immediate supports for Nifty are placed around 22340 and 22250 and till these supports are intact, traders should continue to trade with a positive bias. One can look for a stock specific approach at the moment and when the index surpasses the hurdle of 22530, one then then participate in the index on the long side as that could lead to a continuation of the uptrend towards 22700-22750. 
 

                             Midcap index registers new high again as stock specific buying continues

Nifty Midcap100 index registered a new high post the recent corrective phase while the PSU Banking stocks witnessed good price volumes action. Stock specific moves from these sectors could give good trading opportunities and hence, traders are advised to capitalize on the same. 

Nifty, Bank Nifty Levels and  FINNIFTY Levels: