Nifty Outlook for 20 Apr 2023

Ruchit Jain Ruchit Jain

Last Updated: 20th April 2023 - 11:07 am

Listen icon

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

17570

42000

Support 2

17500

41850

Resistance 1

17670

42320

Resistance 2

17700

42490

Stay Ahead in the Market Game!
Unlock expert perspectives to shape your investment strategy.
  • Performance Analysis
  • Nifty Predictions
  • Market Trends
  • Insights on Market
+91
''
 
By proceeding, you agree to our T&Cs*
Mobile No. belongs to
hero_form

Market Outlook Related Articles

Market Outlook for 16th December 2024

by Sachin Gupta 13th Dec 2024

Market Outlook for 13th December 2024

by Sachin Gupta 13th Dec 2024

Market Outlook for 12th December 2024

by Sachin Gupta 12th Dec 2024

Market Outlook for 11th December 2024

by Sachin Gupta 11th Dec 2024

Market Outlook for 10th December 2024

by Sachin Gupta 10th Dec 2024

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.

Open Free Demat Account

Be a part of 5paisa community - The first listed discount broker of India.

+91

By proceeding, you agree to all T&C*

footer_form