Market Outlook for April 23rd 2014

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CNX Nifty – CMP – 6815
Synopsis
• Yesterday, Nifty opened on a positive note & traded throughout the day with a choppy bias & closed flat forming a Doji.
• Till Index holds 6780, it will move upto 6850-6860.
• If breaks & sustains below 6780, can fall upto 6730-6710 zone.
• Daily momentum is turning into negative from overbought zone while weekly is still in positive territory indicating Index to trade in a broad range of 6760-6860.

Till Index holds 6780, it will move upto 6850-6860. If breaks & sustains below 6780, can fall upto 6850 zone

Bank Nifty Spot – CMP – 12987
Synopsis
• Yesterday, Bank Nifty opened on a positive note & traded rangebound throughout the day with a choppy bias & closed 0.22% in the green.
• Till Index holds 12,800, it will move upto 13,100-13,250.
• If breaks & sustains below 12,800, can fall upto 12,550 zone.
• Daily momentum is turning into negative from overbought zone while weekly is still in positive territory indicating Index to trade in a broad range of 12,800-13,200

Till Index holds 12,800, it will move upto 13,100-13,250. If breaks & sustains below 12,800, can fall upto 12,550 zone

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