Weekly Market Outlook for 10 Apr to 14 Apr

Weekly Market Outlook for 10 Apr  to 14 Apr
Weekly Market Outlook for 10 Apr to 14 Apr

by Ruchit Jain Last Updated: Apr 10, 2023 - 01:07 pm 707 Views
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 After the breakout from its hurdle of 17200 during end of March, Nifty rallied higher in the truncated week and ended around 17600 with weekly gains of over a percent. Most of other indices too rallied as the broader markets witnessed a buying interest post the consolidation breakout.



Nifty had consolidated within a range post mid-March and it gave a breakout from this consolidation when it surpassed 17200 with a gap up opening. This changed the near term momentum and as we had already seen a sharp correction in last couple of months, lot of stocks form the broader market witnessed buying interest. The RBI Policy outcome to pause rate hikes led to rally in the rate sensitive sectors which supported the momentum towards the end of the week. The daily momentum readings are in ‘Buy Mode’ and hence the short term trend remains positive for the Nifty. However, the readings on the lower time frame charts have reached the overbought zone and hence either a pullback or a consolidation cannot be ruled out in the coming week. But traders should keep a ‘Buy on dip’ approach and look for buying opportunities on any declines. FII’s too have started covering their short positions in the index futures segment which will support the momentum.


Rate hike pause by RBI led to buying interest in stocks


Weekly Market Outlook 10 Apr to 14 Apr


The immediate supports for Nifty are placed around 17500/17380 and 17300 while immediate resistance is seen around 17700. A move above the hurdle of 17700 could then lead to a continuation of the move towards 17900-18000.


Nifty & Bank Nifty 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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