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08:43 (IST) 24 Apr 2023
Bank Nift rally towards 43500–44000 anticipated if it holds above 42600–43000
“Bank Nifty range of 42600–43000 represents an immediate supply zone; above this, a rally towards the range of 43500–44000 levels is to be anticipated. On the downside, 41200–41000 is a significant support zone, and 42000–41700 is an instant demand zone,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Share Market Outlook Today
08:42 (IST) 24 Apr 2023
Bank Nifty likely to pave way for 41700-41500
“Bank Nifty is likely to pave the way for 41700-41500 which if broken decisively will extend that fall for 41200 – the vicinity of 21-week EMA. On the higher side, if prices manage to trade above 42600 the bullish trend will resume for 43100-43500,” said Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd.
Share Market Outlook Today
08:42 (IST) 24 Apr 2023
Bank Nifty may fall to 41500 if it fails to hold 42000
“Bank Nifty is consolidating in a broad range between 42,000-42,500 and a break on either side will have trending moves. The index if it fails to hold the support of 42,000 on a closing basis will witness further downside toward the 41,500 level,” said Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.
Share Market Outlook Today
08:41 (IST) 24 Apr 2023
Bank Nifty first support at 41928 and then 41730
Bank Nifty first support at 41928 and then 41730 while the resistance at 42375 and 42589, according to Rahul Sharma, JM Financial.
Share Market Outlook Today
08:41 (IST) 24 Apr 2023
Nifty multiple support at 17600, 17500, 17400
“Nifty is facing resistance at the 100-DMA, which coincides with the 50% retracement of the previous fall from 18888 to 16828. However, 17600, 17500, and 17400 are multiple support levels, and until Nifty trades above 17400, it may anytime resume its bullish momentum towards the 18100–18200 zone,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Share Market Outlook Today
08:41 (IST) 24 Apr 2023
Nifty may fall to 17350-17200
“In the short term, Nifty can experience some selling pressure as prices have formed a bearish engulfing pattern on the weekly chart, which strengthens the case for further recession towards 17350 and then 17200. On the higher side, 17700-17750 will act as an immediate resistance where fresh selling can be initiated. If prices manage to surpass the 17900 mark, the next crucial resistance to watch out for would be 18150-18200,” said Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd.
Share Market Outlook Today
08:40 (IST) 24 Apr 2023
Below 17600, Nifty may slip towards 17400
“A fall below 200 DMA, currently pegged at 17605, might trigger a panic button. Below 17600, the Nifty may slip towards 17400. On the higher end, resistance is placed at 17700, above which the index may move towards 18000,” said Rupak De, Senior Technical Analyst at LKP Securities.
Share Market Outlook Today
08:40 (IST) 24 Apr 2023
No sign of caution in market till Nifty withholds 17500
“Till the Nifty firmly withholds the pivotal support of 17500, there is no sign of caution in the market. While on the higher end, 17700-17800 holds stiff resistance and a decisive move beyond which could trigger the next leg of the rally in the comparable period,” said Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One Ltd.
Share Market Outlook Today
08:39 (IST) 24 Apr 2023
Nifty first support at 17591 and then 17533
Nifty first support at 17591 and then 17533 while the resistance at 17698 and 17747, according to Rahul Sharma, JM Financial.
Share Market Outlook Today
08:38 (IST) 24 Apr 2023
No stocks under F&O ban today
The National Stock Exchange has no securities on its F&O ban list for 24 April. According to the NSE, stocks are prohibited in the F&O sector when they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock.
08:36 (IST) 24 Apr 2023
Fall in IT stocks will be short-lived
“The Nifty IT index has lost over 5% in the last week. The question in everyone’s mind is whether companies like Infosys and TCS can keep up their growth in profitability in the face of lower demand from customers in the U.S. and Europe. The implosion of Silicon Valley Bank and Credit Suisse could see big banking clients deferring their IT expenditure plans. And a recession in the U.S. may mean companies across the board put off spending on IT services. In our view, the fall in IT stocks will be short-lived. Many of the largest IT companies have been around for decades and have built strong business models that have withstood far greater stresses than the current one,” said Marc Despallieres, Chief Strategy and Trading Officer at Vantage.
08:34 (IST) 24 Apr 2023
Nifty, Sensex likely to start on firm note
“Markets are likely to start on a firm note in Monday trades, much in tandem with the upmove seen in SGX Nifty even as most of the Asian gauges are trading mixed. Both ICICI Bank and Reliance Industries reported corporate earnings that met street expectations and hence there could be some action in the counters today. However, volatility will continue to be the hallmark of this week’s trade given the expiry of April futures & options contracts on Thursday. Technically, Nifty is likely to get support at 17443, while confirmation of strength can be seen only above the 17863 mark. For Bank Nifty, make-or-break support is seen at 41799 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
07:41 (IST) 24 Apr 2023
Asian markets trade mixed
Asian markets were trading mixed with China’s Shanghai Composite Index dipping 0.08%, South Korea’s KOSPI dropping 0.54%, Hong Kong’s Hang Seng rising 0.06% and Japan’s Nikkei 225 climbing 0.28%.
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