NIFTY OUTLOOK & LIVE TRADING TIPS FOR 20 APRIL 2023

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Benchmark indices ended the volatile April 19 session lower. The dark clouds of weak Q4 numbers haunt the domestic market, leading to a third straight decline for the week. IT stocks continued their selling spree ahead of earnings releases from other tech majors. Mild hints from global peers are also causing havoc as market prices anticipate the possibility of another rate hike by the Fed. The biggest risk for the market today is a downgrade in corporate earnings forecasts. Finally, the Sensex was up 159 points at 59567 and the Nifty was up 41 points at 17618. While markets have seen FIIs reduce equity exposure in recent sessions, the recent dismal earnings numbers from select IT companies at the forefront have been a sour spot that has prompted broad-based selling, particularly in IT switches. Currently, the Nifty is trading near the 200-day SMA (Simple Moving Average) level and the texture suggests a strong possibility of a renewed rally from the current levels only after it clears 17650. Above that, the index might retest the 17700 -17800 level. On the downside, the corrective wave is likely to continue and could slide to 17600-17500 as long as the index trades below 17650.

Resistance: 17700, 17800, 17900

Support: 17600, 17500, 17400