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Index Outlook For 24/Apr/20

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Benchmark indices rallied for the second consecutive session in a row on April 23 with Nifty settling 127 points, or 1.38 percent, up at 9,313.90.

The rotational buying in selected heavyweights is helping the index but this up move lacks decisiveness even as hopes of government stimulus is underpinning the sentiment.

Hopes are high that the government will soon be announcing the second round of stimulus and that would be a comprehensive one and any disappointment from that front could also push the markets lower. At the same time, an increasing number of COVID-19 cases as well as muted corporate earnings would further impact investor's sentiments. We reiterate our cautious stance and suggest focusing more on risk management aspects

Nifty Future Intraday Level


SUPPORT 1 – 9265
SUPPORT 2 – 9241
SUPPORT 3 – 9219

Bank Nifty Future Intraday Level

Resistance 1 – 20156
Resistance 2 – 20247
Resistance 3 – 20347

Support 1 – 19997
Support 2 – 19907
Support 3 – 19792

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


ProCapitas Market-Pro Team

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