Market Outlook for 25 April 2024

Ruchit Jain Ruchit Jain

Last Updated: 25th April 2024 - 05:16 pm

Listen icon

Nifty consolidated within a narrow range ahead of the April series F&O expiry and the index ended above 22400 with marginal gains.

Nifty Today:

It was a day of consolidation for the index as the Nifty is trading around its crucial resistance zone of 22400-22500. However, the market was no short of action as the stock specific momentum was robust due to buying interest in the broader markets. The Midcap index inched higher while the Small Cap index is forming new record highs daily. As far as the index is concerned, Nifty needs to surpass and sustain above 22500 mark for a continuation of the uptrend and till then, there is a possibility of a short term correction which may be a time-wise correction if not price wise dip. Thus, trading with a stock specific approach seems to be a better strategy for the time being. FIIs have not yet covered their short positions and hence it will be crucial to see how they roll over these positions to the next series. The RSI on the daily chart has not given a positive crossover yet, and hence, it is advisable to avoid fresh longs in the index until we see a breakout above the mentioned hurdle. On the lower side, the immediate support for the Nifty is placed around 22200 followed by 22000-21950 zone.



 

                                            Nifty turns lower ahead of weak global cues

Nifty Outlook 24 April

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 22320 73580 47940 21300
Support 2 22270 73380 47850 21250
Resistance 1 22500 74250 48370 21550
Resistance 2 22550 74400 48500 21620
How do you rate this article?
Characters remaining (1500)

FREE Trading & Demat Account
+91
''
By proceeding, you agree to our T&Cs*
Mobile No. belongs to
hero_form

Market Outlook Related Articles

Market Outlook for 25th November 2024

by Sachin Gupta 22nd Nov 2024

Market Outlook for 22nd November 2024

by Sachin Gupta 22nd Nov 2024

Market Outlook for 21st November 2024

by Sachin Gupta 21st Nov 2024

Market Outlook for 19th November 2024

by Sachin Gupta 19th Nov 2024

Market Outlook for 18th November 2024

by Sachin Gupta 14th Nov 2024

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.

Want to Use 5paisa
Trading App?