Nifty Outlook for 19 Apr 2023

Nifty as well as the Bank Nifty index consolidated within its previous day’s range in Tuesday’s session. However, the broader markets continued to do well and amidst stock specific action, Nifty ended the day tad above 17650 with a minor loss of a quarter of a percent while the Bank Nifty index ended on a flat note.

Nifty Today:

Post the recent sharp run up, the Nifty index has seen some cool-off and has seen consolidation in last couple of trading sessions. However, the broader markets have continued to well which can seen from the Nifty Midcap Index which continued to move higher and outperformed the benchmark. Pharma stocks too witnessed buying interest and continued its upmove. Since we are not witnessing any broader market sell-off, the consolidation of last two days just seems to a time-wise correction within a short term uptrend as the momentum readings were overbought post the recent run up. Hence, we continue with our optimistic view on the index and advise a ‘Buy on dip’ approach on the index.

Nifty consolidated post recent run up, midcaps continued momentum

For Nifty, the immediate support is placed around 17570 followed by 17500-17480 range. On the higher side, 17770 will be the resistance to watch above which, the index could head towards the 18000 mark.

Nifty, Bank Nifty Levels and FINNIFTY Levels:

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