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ICICI Direct

OUTLOOK

Published on 20-04-2026 10:58 am

Intraday Rational:

* Trend- Higher high-low formation in weekly time-frame

* Levels- Buy around 80% retracement level of previous day range.

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ICICI Direct

OUTLOOK

Published on 20-04-2026 10:58 am

Technical Outlook:

* Index started the week on a soft note however index found strong support near the 20-day EMA and the previous week's positive gap area (52,778–54,798). The weekly price action resulted into strong bull candle carrying higher highlow structure, indicating resumption of primary uptrend.

* Key point to highlight is that Index has closed above its 50- day EMA for first time Since March 2026, indicating revival of upward momentum. Going ahead a decisive close above 200-day EMA (56700) will open the door for the next leg of up move towards 57200 in the coming weeks. Failing which could lead to a period of consolidation within 54900-56700 range.

* The Bank Nifty has staged a strong rebound, successfully maintaining its long-term rhythm of avoiding corrections greater than 20%. This established floor, which has held firm since the COVID-19 lows, reinforces the sector's relative strength and its role as a primary driver of the broader market recovery

* On the broader space, the Nifty PSU Bank relatively underperformed the benchmark and closed positive up 0.96%. Index is consolidating above its short term 20-day EMA, indicating buying demand at elevated support base. A sustain and close above 100-day EMA would accelerate the next leg of upmove towards 9100 being 61.8% Retracement of Feb-April26 decline.

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ICICI Direct

OUTLOOK

Published on 20-04-2026 10:58 am

Nifty Bank :56566

The Bank Nifty Index concluded the week on a positive note . BankNifty settle the day at 56565.70 up 1.17%.

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ICICI Direct

OUTLOOK

Published on 20-04-2026 10:57 am

Intraday Rational:

*Trend - Higher high-low formation in weekly time-frame, indicating positive bias.

*Levels - Buy around 80% retracement level of previous day range

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Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.htmlSEBI Registration number INZ000183631

ICICI Direct

OUTLOOK

Published on 20-04-2026 10:57 am

Key Monitorable:

A.US-Iran ceasefire 22nd April deadline

B.Q4 earning season

C.Further decline in Crude, US Dollar Index.

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