Market Outlook for 25th November 2024
Weekly Market Outlook for 1st April to 5th April
Last Updated: 1st April 2024 - 10:29 am
The week gone by was a truncated week of three trading sessions, but it was not short of any action as the index witnessed a smart recovery in three days. Nifty almost tested the previous all-time high above 22500 on the expiry day and ended just above 22300 with weekly gains of a percent.
Nifty Today:
Post the corrective phase of about 800 points, Nifty resumed the momentum during last week and rallied higher. The RSI oscillator gave a positive crossover on the daily chart hinting at a positive momentum. The index did witness some cool-off in the last hour but it is seen trading in a rising channel now. The immediate support zone is placed in the range of 22150-22100, followed by 21900-21850 zone. Any dips towards this range could witness buying interest as the broader uptrend remains intact.
On the higher side, 22525 is the immediate hurdle where the previous swing high is placed. Once this hurdle is crossed, one can expect the index to rally towards 22700-22750 which is the higher end of the channel and the retracement level of the recent corrective phase. Hence, traders are advised to keep a buy on dip approach and look for stock specific buying opportunities.
Nifty resumes momentum led by index heavyweights
The Bank Nifty index surpassed its resistance of 47000 and the RSI oscillator on this index too has given a positive crossover. Hence, stocks from this sector can lead the rally while the Auto index too looks positive as it has outperformed the other sectoral indices in the recent corrective phase and is now trading at new highs hinting at a continuation of the uptrend.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
Nifty Levels | Bank Nifty Levels | FINNIFTY Levels | |
Support 1 | 22150 | 46820 | 20800 |
Support 2 | 22000 | 46670 | 20650 |
Resistance 1 | 22525 | 47440 | 21150 |
Resistance 2 | 22700 | 47700 | 21300 |
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