NIFTY (SPOT) 9th Apr 2021

Market Outlook

On a little larger perspective, we are expecting Nifty (Spot) (Closing Price : 14834.85) to remain range bound with an upper resistance zone of 15150 - 15200 levels whereas down side support band is near 14450 - 14400 levels as one can clearly observe here in Nifty (Spot) Daily chart. A range bound market is the one where you will get stock specific moves rather than convincing Index moves. A gap up triggers profit taking whereas gap down will help bears to cover preemptive short positions.

On a short-term time frame, on the corrections, Nifty should find support near 14775 (20 DMA) and 14660 (50 DMA) levels whereas 14984 will act like a sticky resistance level. A move on either side will unfold next technical levels, above 14984 mark a short covering rally will push Nifty towards 15150 – 15200 levels whereas breach of 14660 mark will unfold 14450 – 14400 levels.

Due to current uncertainty, Focus will be shifted back to low beta sectors like FMCG, Pharma as well as Technology,where we observe fresh OI build up last week. Banking & Financial Sector is bleeding and trading into highly oversold levels. We may observe some more weakness and the sector may put some more pressure in Index although shorts are not advisable here.


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