NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR WEDNESDAY 14 APRIL 2023

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Finally, the Sensex was up 38 points to 60431 and the Nifty up 15 points to 17828. Markets were range bound and closed almost unchanged after taking a breather from the recent rise. After the flat start, pressure from IT majors pushed the Nifty lower, but buying of select heavyweights, particularly from the banking package, pared any losses and helped the index finish flat. Aside from banks, real estate and car wraps also performed well, while IT, pharmaceuticals and energy were subdued. Markets will react to the results of two heavyweights viz. Infosys and HDFC Bank in early trading on Monday. Signs are for the prevailing tone to continue, so any interim dips should be viewed as a buying opportunity. We reiterate our preference for banking, finance and FMCG packages and recommend choosing selectively from others. The Nifty continued its positive momentum, finishing in gains for the ninth consecutive month. Looking at the charts, we can observe that the Nifty saw a daily decline, but the 17750-17720 zone, where support was placed in the form of the 20 hourly moving average, absorbed the selling pressure and limited further slide. On a weekly basis, the Nifty managed to close above the 20-week moving average 17890, which is a bullish sign. The weekly momentum indicator has triggered a new positive crossover, which is a buy-signal. On a higher point, the frame chart structure has turned in favor of bulls. Given the sharp rise over the past nine trading sessions, a consolidation is very likely but should be viewed as a buying opportunity. In terms of levels, 17850-17925 is the immediate hurdle while 17725-17700 is expected to serve as a crucial short-term support. On the upside, we expect the Nifty to target the 18000 level.

Resistance: 17400, 17500, 17600  

Support: 17300, 17200, 17100