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Index Outlook For 20/Apr/20

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The market registered gains for the second consecutive week ended on April 17, following positive global cues on expectations that infections may be peaking in Europe and that the US may ease lockdown of business as the number of reported cases is declining on daily basis.

The Nifty50 climbed 1.7 percent to 9,266.75 during the volatile week, taking total recovered gains to 22 percent from lows touched on March 23.

We expect the global mood to guide Indian equities in the coming weeks and do not see major directional move unless the lockdown is lifted in major economies. Stock-specific movement may be seen due to quarterly earnings which seem to have been priced in by the market.

Nifty Futures Intraday Level 

Resistance 1 – 9360
Resistance 2 – 9394
Resistance 3 – 9424
Resistance 4 – 9446

Support 1 – 9290
Support 2 – 9240
Support 3 – 9196
Support 3 – 9152
Support 5 – 9105

Bank Nifty Futures Intraday level

Resistance 1 – 20927
Resistance 2 – 21163
Resistance 3 – 21370
Resistance 4 – 21562

Support 1 – 20608
Support 2 – 20381
Support 3 – 20122
Support 4 – 19907

Note – Levels will subject to Gap up and Gap Down changes.

Thanks!

ProCapitas Market-Pro Team

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