Market Outlook for 12 April 2024

Ruchit Jain Ruchit Jain 12th April 2024 - 10:42 am
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Ahead of the mid-week holiday, Nifty traded within a narrow range with a positive bias and ended above 22700 mark. 

Nifty Today:

The Nifty has been forming a Higher Top Higher Bottom formation and is thus in an uptrend. However, the index is trading around its important near term hurdle as the rising trendline resistance coincides with the 127 percent retracement of the recent correction in Nifty around 22750. But there are no reversal signs yet and hence, we could even see a continuation of the uptrend. The near term supports for Nifty are placed around 22600 and 22450 and any dips toward the support could see good buying interest. On the higher side, a move above 22770 could lead to an upmove towards the next retracement level which is around 23000 mark. Hence, traders are advised to continue to trade with a positive and look for stock specific buying opportunities.

                                            Nifty seems to be approaching 23000 level soon

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

Support 1 22600 74700 48720 21630
Support 2 22500 74560 48500 21570
Resistance 1 22840 75280 49280 21790
Resistance 2 22900 75450 49500 21830

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