top of page

Nifty and Bank Nifty Outlook for April 20, 2023: Expert Analysis and Support-Resistance Levels

Day Trading Guide for April 20, 2023: Nifty and Bank Nifty Outlook


Global Market Cautious Ahead of US Fed Rate Hike


On April 20, 2023, the Indian stock market closed lower for the third consecutive day as global markets dropped in cautious trade ahead of the US Fed rate hike. The NSE Nifty lost 41 points, closing at 17,618, while the BSE Sensex corrected 159 points and ended at 59,567 levels. Meanwhile, the Nifty Bank index fell 111 points and finished at 42,154 levels.


Small-cap index ended minorly in the positive even as the advance decline ratio dipped below 1:1 (at 0.91:1) after almost 3 weeks.


Nifty Outlook


The underlying short-term trend of Nifty continues to be choppy, This market action is expected to continue for the next session. The market is likely to find support around 17600-17500 levels before showing upside bounce from the lows.


Nifty Support and Resistance Levels


That Nifty may remain bullish above 17710 and bearish below 17610. The first support for Nifty is at 17610 and then 17500, while resistance is at 17710 and 17750.


Immediate Hurdles for Nifty


That the Nifty undertone remains bullish even though the index remained in a slender range. As we advance, we may continue to see the index consolidating in a range of 17500 – 17900, and meanwhile, traders are advised to keep a tab around 17570 – 17500 levels to go long. On the flip side, the immediate hurdles are clearly visible in the range of 17800 – 17900.


Buy-on-dip Approach for Nifty


Nifty took support at 17610 and closed above the previous day's low, which is positive for today. The broader trend still remains positive and one should keep a buy-on-dip approach as long as the index sustains above the 17600 level.


Rangebound Price Action for Nifty


That the hourly Bollinger bands are contracting on account of the sideways price action and is also suggesting rangebound price action. The daily momentum indicator has a positive crossover, which is a buy signal. The range of consolidation is likely to be 17500 – 17800 for the next few trading sessions.


Bank Nifty Outlook

Immediate and Strong Support Levels for Bank Nifty


That immediate support for Bank Nifty is placed at 42,000, while strong support for the index is lying around 41,800 levels. Bank Nifty today is facing immediate hurdle at 42,500, while it is facing strong resistance at 42,630. This means that the short range for Bank Nifty today is 42,000 to 42,500, whereas the broader range for the index on Thursday can be assumed from 41,800 to 42,630 levels.


Nifty and Bank Nifty May Trade Flat


Benchmark indices NSE Nifty and BSE Sensex may trade flat on April 20, 2023, amid muted global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 23 points or 0.13% lower


In conclusion


  • The Indian stock market closed lower for the third consecutive day due to cautious global market sentiment ahead of the US Fed rate hike.

  • The Nifty outlook remains choppy, with expected market action continuing for the next session, finding support at 17600-17500 levels before showing upside bounce from the lows. Traders are advised to maintain a buy-on-dip approach for Nifty as long as the index sustains above the 17600 level.

  • The Bank Nifty outlook shows immediate and strong support levels at 42,000 and 41,800 levels, respectively, while facing immediate hurdle at 42,500 and strong resistance at 42,630 levels. Benchmark indices NSE Nifty and BSE Sensex may trade flat on April 20, 2023, amid muted global cues.


xs.com

댓글


bottom of page