NIFTY BANKNIFTY OUTLOOK FOR 19 APRIL 2023 WEDNESDAY

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Markets remained in negative territory for most of the trading session, ending a second straight day on the weak as selective profit-taking in banking, energy and FMCG stocks weighed. However, buying of real estate and metals stocks limited the downside. At the close, the Sensex was up 183 points, to 59727 and the Nifty was up 46 points, to 17660. Technically, after the gap-up open, the market saw profit bookings at higher levels which came in at 17650-60100. We think 17850-60500  will now act as a key resistance area for traders. In addition, the market can rise to 17900-18000. On the downside, selling pressure might rise below 17500-59700. Below that, the index may retest the 17400-17300/59500 -59300 levels. The strategy should be to buy between 17600 and 17500. To do this, keep a stop loss at 17450 -59500. For Bank Nifty, 42500 and 42600 would be resistance and support stands at 41500.

Resistance: 17700, 17850, 18000

Support: 17600, 17500, 17400