Market Outlook for 26 April 2024

Ruchit Jain Ruchit Jain Ruchit Jain 26th April 2024 - 11:28 am
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Nifty started the expiry session marginally negative, but it recovered from the opening lows and rallied higher gradually. In the later part of the day, the index surpassed the hurdle of 22500 and ended the marginally below 22600 with gains of three-fourth of a percent.

Nifty Today:

In last couple of trading sessions, our markets witnessed some consolidation on the index, but the stock specific momentum was positive as the market breadth was healthy and the midcap and the small cap index continued to move higher. Amidst this, the index breached 22500 mark on the expiry day hinting at a resumption of the momentum. The RSI oscillator on the daily chart is on the verge of a positive crossover and if we see a follow up buying on first day of the new series, then we could see the index rallying towards the previous highs soon. On the lower side, 22300 followed by 22230 will be seen as immediate support zones. We continue with our advice to focus on stock specific momentum and trade with a positive bias.

The PSU Bank index witnessed a positive move and is on the verge of a breakout post a couple of months of consolidation phase. This sector could continue to do well in the near term and hence, one can look for trading opportunities in this sector.
 


 

                                            Nifty turns lower ahead of weak global cues

nifty outlook 26 april

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 22370 73740 47950 21340
Support 2 22300 73500 47500 21250
Resistance 1 22700 74750 48830 21680
Resistance 2 22820 75170 49170 21800

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