Market Outlook for 30 April 2024

Nifty started the week on a positive note and rallied higher led by banking stocks. Nifty ended the day above 22600 with gains of a percent, while the Bank Nifty index marked a new record high and outperformed with gains of two and half percent.

Nifty Today:

In last couple of weeks, the benchmark indices witnessed movement on both sides while the broader markets continued their uptrend which led to outperformance in the midcap and the small cap indices. However, the large caps took the lead on Monday as good results from the heavyweights such as Axis Bank and ICICI Bank propelled buying interest in the sector and Bank Nifty index closed at new record high. The RSI oscillator on the daily chart had given a positive crossover during last week on both Nifty as well as the Bank Nifty index. This indicates resumption of the positive momentum and hence we expect the uptrend to continue. Nifty could rally towards new highs again and the retracement levels of recent correction also hints at a probable target of 23000 soon. The immediate support for Nifty is placed in the range of 22500-22400. We continue with our advice for traders to trade with a positive bias until any reversal signs are seen.


 

                                            Nifty turns lower ahead of weak global cues

Nifty, Bank Nifty Levels and  FINNIFTY Levels: