Nifty Outlook for 21 Apr 2023

Nifty traded within a range on the weekly expiry day and ended on a flat note. The Bank Nifty index relatively outperformed and closed with marginal gains of over a quarter of a percent.

Nifty Today:

Nifty continued with its consolidation which we have seen since the start of this week, but it has kept its support intact and is trading above its ‘20 DEMA’. The moving average support is placed around 17500 which is seen as a crucial level for the near term. The Banking index is relatively outperforming, while the stock specific action within the midcap and the small cap space is positive. Hence, this consolidation of last few days seems to be a time-wise correction as of now, and the index should resume its upmove in the short term. However, given the underperformance from the IT heavyweights, it needs to be seen if there’s any short covering move in this space. If IT stocks continue their underperformance, then the Banking index could relatively outperform. Till such moves continue, traders should focus on trading with a stock specific approach.

Nifty support placed at 17500, stock specific action continues

The important support for Nifty is placed around 17500 while resistances are seen around 17700 and 17770. A move above these resistances will confirm a resumption of the short term uptrend.

Nifty, Bank Nifty Levels and FINNIFTY Levels:

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