Nifty Outlook for 27 Apr 2023

Nifty started trading on a flat note in Wednesday’s session and witnessed some dip in the initial hour. However, there was buying interest seen on dip around 17700 as the broader markets continued to do well. The index recovered and rallied higher about 100 points from the low to end above 17800 posting gains of a quarter of a percent.  

Nifty Today:

The April month has belonged to the bulls as the indices are continuing the momentum after some time-wise correction in between. The Nifty index gave a breakout above the ‘20 DEMA’ at the start of this month and has not yet breached this average so far. This support has now shifted to 17600 and hence, the support base is moving higher with upmove in price. On the higher side, 50% retracement of the previous correction from all-time high of 18887 to 16830 is around 17860. A move above this will be seen as a continuation of the trend which could then extend towards 17925-17950 first, and then upto 18060-18100. Hence, traders are advised to continue to trade with a positive bias with tab on the above mentioned levels.

Late recovery leads to Nifty close above 17800 ahead of expiry

In yesterday’s session, the Bank Nifty index showed some divergence on the hourly charts. However, the index just gave a small dip in morning trade today and it resumed its upmove. This is a sign of a strong trended phase and hence, this index too is expected to continue its rally towards 43000-43100. Even the cash segment midcaps and small cap stocks are witnessing good buying interest. Traders are advised to watch for stocks witnessing high volumes as such counters could give decent returns in the short term.

Nifty, Bank Nifty Levels and FINNIFTY Levels:

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