Nifty Outlook for 20 Apr 2023

Nifty Outlook for 20 Apr 2023
Nifty Outlook for 20 Apr 2023

by Ruchit Jain Last Updated: Apr 20, 2023 - 11:07 am 329 Views

The benchmark indices consolidated within a range for the third consecutive session, however the stocks from the cash segment (midcaps and small caps) continued with their positive momentum. Nifty breached 17600 level during the day, but managed to close above that with a marginal loss of a quarter of a percent.

Nifty Today:


The benchmark indices have consolidated within a range for last three sessions which just seems to be time-wise correction as the momentum readings got overbought post the recent nine-day’s rally. For Nifty, 17500 is a strong support as the ’20 DEMA’ is placed around that level and the options writers too have built decent positions at that strike. Till this level is intact, near term traders should avoid short formations and infact look for buying opportunities around the support as the risk rewards ratio would turn favorable again. Given the underperformance from the IT basket and strength seen in the Banking and NBFC names, the banking index might see a relative outperformance and hence, traders should prefer to look for opportunities in the banking space amongst the indices. The midcap and the small cap stocks are continuing the momentum and stocks where resistances are broken with high intraday volumes are witnessing good outperformance. Traders should look for such opportunities as such stocks could deliver good returns with limited risk. 


Nifty consolidates in a range, but uptrend remains intact

Nifty Graph


As far as levels are concerned, the immediate supports for Nifty are placed around 17570 and 17500 while resistance will be seen around 17700. Amongst sectoral moves, the sugar stocks seems to be in a sweet spot and are gaining positive momentum. One can focus on specific stocks from this sector for short term trading.


Nifty, Bank Nifty Levels and FINNIFTY Levels:


Nifty Levels

Bank Nifty Levels

Support 1



Support 2



Resistance 1



Resistance 2



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About the Author

Ruchit Jain is Lead Research Analyst at 5paisa. He has a vast experience of 14 years in this field and is proficient in Technical and Derivatives Research. He has completed his CMT (U.S.A.) and has done Masters in the field of Finance at Mumbai University.


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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