Market Outlook for 19 April 2024

Ruchit Jain Ruchit Jain 19th April 2024 - 10:58 am
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It was a volatile trading session for the indices as the Nifty started the session on a positive note above 22200 and even surpassed the 22300 mark during the day. However, we saw a sharp correction towards the end and the index sneaked below the 22000 mark, before ending just above it with a loss of half a percent.

Nifty Today:

The weekly expiry session of Nifty turned out to be quite volatile as the index witnessed sharp swings on both the sides of the trade. The index tested the lower end of the ‘Channel’ in which it has been trading since last few weeks and thus, 21950 is a crucial support for the short term. The RSI oscillator on the daily chart is negative indicating a negative short term momentum. If Nifty manages to trade within this channel, then we should see a pullback move from this support and if this is breached, then we could see an extension of this downmove towards the 89 DEMA which is placed around 21740. On the flipside, 22330-22380 is the immediate resistance on pullback move. FIIs have also recently formed fresh short positions in the index futures segment which is a negative sign.
The short term momentum for the market remains negative based on above data. However, the Nifty is close to its immediate supports and the readings on the lower time frame charts are oversold. Hence, a pullback move from either of these supports is possible. With such intraday volatility, traders are advised to trade with a stock specific approach and avoid aggressive positions on either side.


                                            Nifty turns lower ahead of weak global cues



Nifty, Bank Nifty Levels and  FINNIFTY Levels:

Support 1 21900 72080 46800 20780
Support 2 21750 71670 46500 20640
Resistance 1 22260 73190 47320 21150
Resistance 2 22350 73880 47650 21350

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