NIFTY BANKNIFTY OUTLOOK FOR 18 APRIL 2023 TUESDAY

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The market reacted negatively to the IT leader's weak start to the reporting season and her cautious outlook. Globally, US 10-year bond yields rose as solid US jobs data raised concerns about further rate hikes by the Fed. The earnings reports, especially from the IT and banking sectors, will influence the market development in the coming days. We expect Nifty 50 earnings to grow 10% in the fourth quarter of FY23, driven by banking and finance, automotive, telecom and FMCG. Indian benchmark indices closed down 17,700 on April 17 with Nifty. At the close, the Sensex was up 520 points, to 59910 and the Nifty was up 121 points to 17706. On the daily charts, the Nifty has formed a bar reversal candlestick pattern, indicating a time-based correction until the market breaches the 17850 level. For the bulls, 17850-17900 would act as immediate resistance zones, while 17650-17550 would act as key support zones. Only above the 17850 mark did new buying momentum become apparent.

Resistance: 17400, 17500, 17600  

Support: 17300, 17200, 17100