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Published on 26-04-2024 10:08 am

Nifty

‘The index concluded the April series on a strong note as it was able to close the weekly supply gap at 22520 on its final day. The possibility of an immediate decline below the weekly channel support zone of 21830 seems to be eliminated by a strong close above it. Occurrence of an ‘Inside Bar’ followed by an expansion of range also highlights the immediate support base to be firm around 22300 itself which also corresponds with the 20 DEMA support level. Options data at the beginning of the fresh series highlights the broad range 22000-23000 itself with 22500 being the key pivotal level. Its trend strength indicator RSI registered a fresh bullish crossover on its daily scale while ADX has declined below its 25 level. Both these development on its indicators is highlighting bullish momentum to continue in the coming days until the index holds above the 22300 immediate support base. Traders may continue to deploy selective long positions with a stop below 22190.

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Published on 26-04-2024 10:07 am

Intraday Market Outlook

* Benchmark index is likely to trade with positive bias today index has support at 22500 - 22450 level and resistance at 22700 - 22750 level.

* Banking index is likely to trade in line with the benchmark index today with support at 48200 - 48000 level and resistance at 48800 - 49000 level.

* RELIANCE has closed with bullish candlestick and it is likely to trade with positive bias today

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Published on 26-04-2024 10:06 am

TECHNICAL OUTLOOK

* Benchmark index traded volatile yesterday on monthly expiry before closing with 0.75% gain at 22570 level. Banking index performed in line with the benchmark index as it closed with 0.63% gain at 48495 level.

* India VIX closed with 4.43% gain at 10.73 level.

* Among Sectors NIFTYPSUBANK index performed better than the benchmark index as it closed with 3.77% gain while NIFTYREALTY index underperformed as it closed with 0.25% cut.

*  Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.47% and 0.84% gains respectively.

*  Advance/Decline ratio was in favour of advances and cash turnover was higher than 5-day average. FII were net sellers while DII were net buyers in the cash segment.

* European markets (DAX) and US markets (DJIA) closed lower yesterday. Asian Markets are largely trading higher today.

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Published on 26-04-2024 10:05 am

BANK NIFTY

* Banking index opened lower but witnessed the strong upward momentum as the day progressed and closed the session with the gains over 300 points.

* Barring kotakbank and HDFC Bank all other banking majors contributed to the move. Wherein Axis Bank and SBI rallied over 5% each.

* PSU Banking index outshined the private banks significantly, gaining over 3.5 percent.

* We are eyeing 48700 and 49100 in the banking index, as it has surpassed its hurdle area of 48200 zone.

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Published on 26-04-2024 10:05 am

NIFTY

* Nifty resumed up move on the monthly expiry day and gained nearly a percent.

* Most sectors contributed to the move wherein pharma, auto and energy were among the top gainers.

* The move has paved the way for a new high in Nifty soon, with strong support at 22,300 level.

* Traders should focus more on identifying stocks and continue with a “buy on dips” approach.

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