NIFTY WEEKLY OUTLOOK FOR 24 APRIL TO 28 APRIL 2023

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Benchmark indices ended unchanged in the volatile session on April 21st. At the close, the Sensex was up 22 points, or 0.04% , to 59655 and the Nifty was down 0.50 points, or flat to 17624. The market's current focus is on the ongoing Q4 sector, which is showing negative bias as initial results are below expectations, particularly in the IT sector, although some IT midcaps could beat market expectations. However, banking is showing signs of sustained strength. With global sentiment cautious on expectations of another rate hike and mixed earnings in the US, the market trend was impacted over the week as foreign institutional investors retreated. . Technically, Nifty has formed a long bearish candle on weekly charts that is mostly negative. After a short-term correction, the Nifty has consistently taken support near the 200-day SMA (Simple Moving Average). For the traders, 17600 would be the immediate support level while 17700 could act as a key resistance zone. Below that, the market could slip as low as 17500-17400. Above 17700 the chances of reaching 17800-18000 would become good. Meanwhile, Bank Nifty is seeing range bound activity with 42500 acting as a key resistance zone and above that it could rally to 42800-43000. On the downside, the index could slip below 42200 to 42000-41500.