Market Outlook for 23 April 2024

Nifty started the week on a positive note above 22300 mark. The index consolidated within a range throughout the day and ended around its day’s high above 22350 with gains of a percent.

Nifty Today:

Markets have started the week positively and have continued the momentum seen during the end of last week. However, the overall derivatives data has not turned positive as the FIIs have recently formed short positions and the RSI readings on the daily and the weekly charts are not positive yet. Thus, this seems to be a pullback move as of now and could see resistance around the 61.8 percent retracement level which is seen around 22400. It would be crucial to see how the index trades around this hurdle and hence, traders should keep a keen watch on the same. A sustained move above this with a change in data would confirm a continuation of the uptrend. On the flipside, the immediate support for the index is placed around 22000 where high open interest in put options is seen while positional support is around the recent swing low of 21750 which coincides with the 89 DEMA support.
 
Traders should look for stock specific trading opportunities, but also look to book profits on rallies around the resistance zones.

                                            Nifty turns lower ahead of weak global cues

Nifty, Bank Nifty Levels and  FINNIFTY Levels: