Nifty Outlook for 6 Apr 2023

Ruchit Jain

Last Updated: 6th April 2023 - 04:25 pm

Nifty continued its positive momentum and rallied higher to surpass the 17500 mark. The broader markets too witnessed buying interest and hence the market breadth was robust throughout the day. The index ultimately ended the day above 17550 with gains of almost a percent.

Nifty Today:

Post the recent breakout above its ‘20 DEMA’, Nifty has rallied in last three trading sessions and have surpassed the 17500 mark. Now the near term momentum continues to be positive as the daily and the hourly readings are in buy move. However, the hourly readings have entered its oversold territory and hence, one should be watchful on the same. Technically, the resistance is seen in the range of 17650-17700 where we observe a falling trendline of the channel in which Nifty is trading since last four month. Also, it coincides with a potential reversal zone of a bearish harmonic pattern named ‘Bearish Bat’. Hence, the index can witness a pullback move from the above mentioned range as the hourly readings are oversold. Hence, short term traders can look to book profits on long positions in this range and look to re-enter either on dip towards support or on a confirmation of a breakout from this channel. The near term support for Nifty has now shifted higher to 17400 and positional support is placed around 17300 now.

Market continues its momentum along with buying interest in broader markets

Amongst sectoral indices, most of the sectors have now started witnessing a pullback move. The Nifty FMCG index has given a breakout from its previous high resistance and hence, short term traders can look for buying opportunities in stock within this sector.

Nifty & Bank Nifty Levels:

	Nifty Levels	Bank Nifty Levels
Support 1	17450	40800
Support 2	17400	40660
Resistance 1	17620	41230
Resistance 2	17670	41400

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