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Index Outlook for 15/Apr/20

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Tracking weak global cues and coronavirus-induced jitters, benchmark indices logged in losses in the last trading session on April 13.
Nifty ended 118 points, or 1.30 percent, down at 8,993.85.

Prime Minister Narendra Modi on April 14 announced an extension in lockdown till May 3. We feel the extended lockdown will undoubtedly have an adverse impact on the economy and earnings.

Hence, we expect some selling pressure to remain but overall the market will not have any major reaction due to the extended lockdown period and will remain rangebound until the virus spread gets controlled.

Nifty Intraday Level

Resistance 1 – 9096
Resistance 2 – 9180
Resistance 3 – 9244
Resistance 4 – 9320

Support 1 – 8982
Support 2 – 8908
Support 3 – 8859
Support 4 – 8802

Bank Nifty Intraday Level

Resistance 1 – 19721
Resistance 2 – 19938
Resistance 3 – 20080
Resistance 4 – 20264

Support 1 – 19395
Support 2 – 19232
Support 3 – 19090
Support 4 – 18907

Note – Level will subject to Gap up and Gap Down Opening

Thanks!

ProCapitas Market-Pro Team


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