Market Outlook for 16 April 2024

Ruchit Jain Ruchit Jain Ruchit Jain 16th April 2024 - 10:44 am
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Our markets started the week on a negative note owing to the rising geopolitical tensions seen over the weekend. Nifty witnessed some pullback from the opening hour low of 22260, but it witnessed selling pressure at higher levels and ended the day around 22270 with a loss of over a percent.

Nifty Today:

Nifty started a corrective phase last week from its resistance of 22750 which was the higher end of a rising channel and the retracement hurdle. The negative global news flows dampened the sentiments and hence, we witnessed a broad markets sell-off where all the sectoral indices, except Oil & Gas, ended in the red. The RSI oscillator gave a negative crossover indicating a weak momentum and heavyweights from the banking and IT space corrected which led to major pressure. In the coming session, it will be crucial to see if the index manages to take support around the 40 DEMA which is placed around 22200. This will be an important level for a pullback move in the index. Below this, the next supports are placed around 22000 which is the channel (trendline) support followed by the 89 DEMA at 21720. On the higher side, the index needs to surpass 22500 for a resumption of the uptrend.
 

 

                                            Nifty turns lower ahead of weak global cues

nifty-outlook-16-april

Given the global uncertainty, we believe the near term momentum would be more influenced by the news flows and the global markets movement and hence, traders should prefer to stay light on trading positions and be very selective in stock specific trades.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 22210 73170 47580 21050
Support 2 22150 72950 47390 20970
Resistance 1 22380 73770 48110 21300
Resistance 2 22490 74130 48450 21460

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