Nifty Outlook for 12 Apr 2023

Nifty Outlook for 12 Apr 2023
Nifty Outlook for 12 Apr 2023

by Sachin Gupta Last Updated: Apr 11, 2023 - 08:26 pm 365 Views

The Nifty Index ended higher for the seventh consecutive session on Tuesday, following positive global cues from the Asian market. The nifty mid & smallcap indexes gained 0.50% and 0.4% respectively. Among the sectors, Metal, Banking & Financial Services stocks were shining while IT and Realty witnessed selling pressure. The volatility index (India VIX) declined 2.4% to 11.98. Overall, the market breath was strong. The benchmark index climbed 98.25 points or 0.56% to settle at 17722.30 levels, while Banknifty ended at 41366.50 levels with a 531.85 point gain in one day.  

Nifty Today:


On the technical chart, the nifty index has settled above the upper band of the channel formation, which suggests further breakouts for the near term. Moreover, the nifty also sustained above 200-days SMA, which indicates an immediate support at 17500 levels. Momentum readings are also favoring the current rally in nifty. On the option front, the call side OI has been shifted to 17800 & 18000 strike price while put OI maintained at 17600 & 17500 strike price. Buying in the cash market from the FII & DII is also suggesting good momentum in the market for the near term.


Nifty continued its winning streak for another day


Nifty Outlook Graph


Hence, traders are advised to go with the flow and also focus on a stock-specific approach. On the downside, nifty has support at 17500 levels, while on the upside, it may find resistance around 17850 levels. 


Nifty & Bank Nifty Levels:


Nifty Levels

Bank Nifty Levels

Support 1



Support 2



Resistance 1



Resistance 2



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About the Author

Mr. Sachin Gupta is a Senior Research Analyst at 5paisa, based in Mumbai. He has over 10 years of experience in Equity, Commodity research and strategies. 


Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.

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