Weekly Market Outlook for 10 Apr to 14 Apr

Ruchit Jain Ruchit Jain Ruchit Jain 10th April 2023 - 01:07 pm
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 After the breakout from its hurdle of 17200 during end of March, Nifty rallied higher in the truncated week and ended around 17600 with weekly gains of over a percent. Most of other indices too rallied as the broader markets witnessed a buying interest post the consolidation breakout.

 

 

Nifty had consolidated within a range post mid-March and it gave a breakout from this consolidation when it surpassed 17200 with a gap up opening. This changed the near term momentum and as we had already seen a sharp correction in last couple of months, lot of stocks form the broader market witnessed buying interest. The RBI Policy outcome to pause rate hikes led to rally in the rate sensitive sectors which supported the momentum towards the end of the week. The daily momentum readings are in ‘Buy Mode’ and hence the short term trend remains positive for the Nifty. However, the readings on the lower time frame charts have reached the overbought zone and hence either a pullback or a consolidation cannot be ruled out in the coming week. But traders should keep a ‘Buy on dip’ approach and look for buying opportunities on any declines. FII’s too have started covering their short positions in the index futures segment which will support the momentum.

 

Rate hike pause by RBI led to buying interest in stocks

 

Weekly Market Outlook 10 Apr to 14 Apr

 

The immediate supports for Nifty are placed around 17500/17380 and 17300 while immediate resistance is seen around 17700. A move above the hurdle of 17700 could then lead to a continuation of the move towards 17900-18000.

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

17500

40600

Support 2

17380

41300

Resistance 1

17700

41280

Resistance 2

17780

41500

 

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