Nifty Outlook for 12 Apr 2023

The Nifty Index ended higher for the seventh consecutive session on Tuesday, following positive global cues from the Asian market. The nifty mid & smallcap indexes gained 0.50% and 0.4% respectively. Among the sectors, Metal, Banking & Financial Services stocks were shining while IT and Realty witnessed selling pressure. The volatility index (India VIX) declined 2.4% to 11.98. Overall, the market breath was strong. The benchmark index climbed 98.25 points or 0.56% to settle at 17722.30 levels, while Banknifty ended at 41366.50 levels with a 531.85 point gain in one day.  

Nifty Today:

On the technical chart, the nifty index has settled above the upper band of the channel formation, which suggests further breakouts for the near term. Moreover, the nifty also sustained above 200-days SMA, which indicates an immediate support at 17500 levels. Momentum readings are also favoring the current rally in nifty. On the option front, the call side OI has been shifted to 17800 & 18000 strike price while put OI maintained at 17600 & 17500 strike price. Buying in the cash market from the FII & DII is also suggesting good momentum in the market for the near term.

Nifty continued its winning streak for another day

Hence, traders are advised to go with the flow and also focus on a stock-specific approach. On the downside, nifty has support at 17500 levels, while on the upside, it may find resistance around 17850 levels. 

Nifty & Bank Nifty Levels:

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