Nifty Outlook for 5 Apr 2023

Nifty started the week marginally positive following the global cues. It witnessed some correction during the day but ultimately it bounced back towards the end of the session to close around 17400 with marginal gains.

Nifty Today:

Nifty breached the crucial short term resistance of 17200 during last week which turned the momentum positive. The readings on the daily as well as the hourly charts for both Nifty and Bank Nifty are in ‘Buy Mode’ indicating a continuation of the short term upmove. In Monday’s session, although Nifty did not post bigger gains the stock specific momentum was good as the broader markets witnessed buying interest. The immediate support zone for Nifty has now shifter higher to 17250-17200 and any declines towards the support should be seen as a buying opportunity for traders. On the flipside, the index could continue this upmove towards 17600 (89 DEMA) followed by 17680 where multiple resistances are seen. Traders are advised to keep a buy on dip approach till the structure remains intact and look for profit booking when Nifty approaches 17680. 

Nifty witnessing buying interest on intraday declines, support base shifts higher

The Banking and the Financial stocks continued their outperformance while momentum was seen in sectors such as Auto, Cement and Pharma. FII’s who had rolled over their short positions in the Nifty Futures segment from March to April series have their positions intact and hence, traders should keep a close watch on their data too.

Nifty & Bank Nifty Levels:

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