Nifty Outlook for 21 Apr 2023

Nifty Outlook for 21 Apr 2023
Nifty Outlook for 21 Apr 2023

by Ruchit Jain Last Updated: Apr 21, 2023 - 10:52 am 462 Views

Nifty traded within a range on the weekly expiry day and ended on a flat note. The Bank Nifty index relatively outperformed and closed with marginal gains of over a quarter of a percent.

Nifty Today:


Nifty continued with its consolidation which we have seen since the start of this week, but it has kept its support intact and is trading above its ‘20 DEMA’. The moving average support is placed around 17500 which is seen as a crucial level for the near term. The Banking index is relatively outperforming, while the stock specific action within the midcap and the small cap space is positive. Hence, this consolidation of last few days seems to be a time-wise correction as of now, and the index should resume its upmove in the short term. However, given the underperformance from the IT heavyweights, it needs to be seen if there’s any short covering move in this space. If IT stocks continue their underperformance, then the Banking index could relatively outperform. Till such moves continue, traders should focus on trading with a stock specific approach.


Nifty support placed at 17500, stock specific action continues

Nifty Graph


The important support for Nifty is placed around 17500 while resistances are seen around 17700 and 17770. A move above these resistances will confirm a resumption of the short term uptrend.


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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