Market Outlook for 25 April 2024

Ruchit Jain Ruchit Jain 25th April 2024 - 05:16 pm
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Nifty consolidated within a narrow range ahead of the April series F&O expiry and the index ended above 22400 with marginal gains.

Nifty Today:

It was a day of consolidation for the index as the Nifty is trading around its crucial resistance zone of 22400-22500. However, the market was no short of action as the stock specific momentum was robust due to buying interest in the broader markets. The Midcap index inched higher while the Small Cap index is forming new record highs daily. As far as the index is concerned, Nifty needs to surpass and sustain above 22500 mark for a continuation of the uptrend and till then, there is a possibility of a short term correction which may be a time-wise correction if not price wise dip. Thus, trading with a stock specific approach seems to be a better strategy for the time being. FIIs have not yet covered their short positions and hence it will be crucial to see how they roll over these positions to the next series. The RSI on the daily chart has not given a positive crossover yet, and hence, it is advisable to avoid fresh longs in the index until we see a breakout above the mentioned hurdle. On the lower side, the immediate support for the Nifty is placed around 22200 followed by 22000-21950 zone.


                                            Nifty turns lower ahead of weak global cues

Nifty Outlook 24 April


Nifty, Bank Nifty Levels and  FINNIFTY Levels:

Support 1 22320 73580 47940 21300
Support 2 22270 73380 47850 21250
Resistance 1 22500 74250 48370 21550
Resistance 2 22550 74400 48500 21620

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