Market Outlook for 10 April 2024

Ruchit Jain Ruchit Jain 15th April 2024 - 10:01 am
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Nifty started the day with a gap up opening above 22750 mark, but it witnessed some correction from there and it consolidated within a range throughout the day to end just below 22650 with a minor loss.

Nifty Today:

Our markets continued its uptrend and it tested the 22750 level which we were expecting in this upmove. This level which is at the higher end of a rising trendline, coincides with the 127 percent retracement of the recent correction. Although this is the resistance level, there is no sign of reversal on the charts.

Hence, the next couple of sessions would now be crucial to see how index reacts around this hurdle. The momentum is still positive and hence, if the index surpasses this Tuesday’s high of 22770, then it should result in a continuation of the uptrend towards the next retracement level which is seen around 23000. On the flipside, 22540 followed by 22400 are the immediate support levels.

                                            Nifty reaches at resistance point, but no reversal signs yet

Traders are advised to trade with a positive bias and look for stock specific trading opportunities. However, as the markets have already seen a run up from lower levels, one should strictly adhere to money management and reduce leverage positions as the risk rewards become unfavorable.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

Support 1 22540 74480 48430 21600
Support 2 22500 74280 48280 21550
Resistance 1 22740 75000 48790 21750
Resistance 2 22830 75320 49000 21820

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