25 April 2023
The stock market had a good day today, with Nifty opening strong and gaining throughout the day.
The banking sector led the charge, and Nifty ended the day with gains of about 0.7%.
In April, the market has been doing well, with Nifty rallying from 17200 to 17850 in just a few days.
The index consolidated within a range in the last week, with the 20-day exponential moving average (20 DEMA) acting as an important support level.
The broader markets did well, with most sectors (except media and pharma) ending in the green.
In the derivatives segment, traders have taken short positions in the April series and added some long positions.
In the options segment, call writers have covered their short positions, while open interest has increased in the 17770-17500 setup options.
Technical analysis and derivative data suggest that there could be a short-term upmove in the market.
Traders are advised to look for buying opportunities and trade with a positive bias.
The immediate support level for Nifty is around 17650, while the 20 DEMA has shifted to 17550.
On the flipside, the index could rally towards 17850-17900 in the next couple of sessions.
Charts and other data suggest that the momentum for banking and NBFC stocks is positive, and the FINNIFTY indicator is expected to continue its rally towards 19200.
Traders should look for buying opportunities on any intraday declines on the expiry day, with the immediate support range for FINNIFTY in the range of 17850-17780.
In conclusion,
the stock market had a positive day with Nifty gaining throughout the day, led by the banking sector. The market has been doing well in April, with Nifty rallying in just a few days. Technical analysis and derivative data suggest that there could be a short-term upmove in the market, and traders are advised to look for buying opportunities with a positive bias. The immediate support level for Nifty is around 17650, while the index could rally towards 17850-17900 in the next few sessions. However, it's important to note that the stock market can be unpredictable and traders should do their own research and analysis before making any investment decisions.
Disclaimer: The information provided in this article is for educational and informational purposes only and should not be considered as investment advice. The stock market is subject to various risks, and investors should do their own research and analysis before making any investment decisions. The author and the publisher are not responsible for any losses that may occur as a result of the use of this information.
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