Market Outlook for 09 April 2024

Nifty started the week on a positive note and registered a new high which indicates a continuation of the uptrend. Nifty ended the day at 22666 with gains of seven-tenths of a percent, led by heavyweights such as Reliance, L&T and some stocks from the Private banking and the Auto names.

Nifty Today:

Nifty continues its ‘Higher Top Higher Bottom’ formation led by some index heavyweights and also supported by broader market participation. The index is trading at its all-time high and usually retracements of previous correction gives us a fair idea on next probable targets/resistances. As per this theory, the initial retracement will be seen in the range of 22750-22850 and hence this would be the crucial range to watch out for.

If the index manages to surpass this zone, then one can expect 23000 on Nifty which is around the 161.8 percent retracement level. On the flipside, 22500 and 22360 will be seen as immediate supports on any pullback moves. Since there are no reversal signs yet, we continue with our advice to trade with a positive bias and look for buying opportunities.

                                                 Market continues its uptrend led by heavyweights

Nifty, Bank Nifty Levels and  FINNIFTY Levels: