Nifty Outlook for 6 Apr 2023

Nifty Outlook for 6 Apr 2023
Nifty Outlook for 6 Apr 2023

by Ruchit Jain Last Updated: Apr 06, 2023 - 04:25 pm 1.3k Views
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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

 

Nifty Outlook Graph

 

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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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.

Disclaimer

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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