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After a weak week, the benchmark indices staged a comeback on April 24 after some strong earnings reports from private lenders over the weekend and today lifted general sentiment on Dalal Street. Most market participants were cautious last week after IT Sector earnings fell far short of expectations. Meanwhile, hawkish comment from some Federal Reserve officials didn't help the bulls either. However, April 24 finally saw some low-level buying in the IT and banking indices. The Sensex was up 401 points at 60056 and the Nifty gained 119 points at 17743. The Nifty opened on a flat note and saw consolidation for the first half of the trading session. Action picked up in the second half and Nifty managed to close above 17700, suggesting it has started the next move higher. On the daily chart, the Nifty has managed to hold the lower end of the rising channel and the 200-day moving average (17625), which is a bullish sign. The daily momentum indicator has a negative crossover and as prices have resumed their upward movement, it is likely that the momentum indicator will offer a positive crossover in the next few trading sessions. Considering the parameters above, we change the short-term outlook to positive and expect the Nifty to target 18000 levels. In terms of levels, 17700-17600 should act as a crucial support zone, while 17850 - 17900 is the immediate hurdle zone for the Nifty.
Resistance: 17400, 17500, 17600
Support: 17300, 17200, 17100
The securities quoted are for illustration only and are not recommendatory.
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