Market Outlook for 18 April 2024

Ruchit Jain Ruchit Jain 18th April 2024 - 10:08 am
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Ahead of the mid-week holiday, Nifty witnessed another gap down opening and then traded within a narrow range. The index ended below 22150 with a loss of over half a percent.

Nifty Today:

From the recent high of 22768, Nifty has seen a sharp correction in last one week mainly because of negative global news flows leading to unwinding of long positions. The RSI oscillator on the daily chart hints at a negative momentum, but the oscillator is in the oversold zone on the lower time frame (hourly) charts. Also, the market breadth turned positive in Tuesday’s session as if we look at the Nifty Small Cap index, then it is relatively outperforming in this corrective phase indicating strength in broader markets. Hence, trading with a stock specific approach could be a better trading strategy for the near term. The weekly options data hints at support in the range of 22000-21950 which also coincides with a rising trendline support. Only if this support is breached, then one can expect correction towards the 89 DEMA which is placed around 21750. However, as the hourly readings are oversold and the market breadth was positive, there could be a pullback move in the index towards 22400. Traders should keep a close tab on the above mentioned levels in the index and trade accordingly.


 

                                            Nifty turns lower ahead of weak global cues

nifty-outlook-18-april

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 22000 72470 47170 20890
Support 2 21950 72250 47030 20800
Resistance 1 22290 73370 47760 21250
Resistance 2 22350 73600 47900 21360

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