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April 16, 2025
- Daily Morning Report Date: 16.04.2025
- NIFTY OUTLOOK: 23328.55 FII: 6065.78 cr DII: -1951.60 cr
- As discussed yesterday, market behaviour remained on expected lines as the uptrend continued, with Nifty rallying up to 23368.35.
- A Hanging Man candlestick on the daily chart after a sharp rally signals a possible market top or resistance zone. It also indicates bearish implications and rising selling pressure.
- A decisive breakdown below 23224 may trigger selling towards 23119–23015. If supply intensifies, Nifty may even test 22910.
- On the upside, 23433 to 23537–23557 may act as immediate resistance. A breakout and sustained move above this range could push Nifty towards 23642–23747.
- Bank Nifty OUTLOOK:
- SPOT: 52379.50 PCR: 1.01 Max CE OI: 54000 Max PE OI: 50000
- On 15th April 2025, Bank Nifty closed at 52379.50, up 2.70% from the previous day. The index moved 623.05 points intraday, with a high of 52486.30 and a low of 51863.30.
- The previous day’s high of 52486.30 and low of 51863.30 can be considered as immediate resistance and support, respectively, for today’s trading.
- Technical View on Daily Chart:
- Key levels for Bank Nifty on the daily chart are 52750 as resistance and 51570 as support. Yesterday, Bank Nifty opened with a gap-up and sustained above the 52150 resistance level. If the index crosses 52750 and holds, it may rise to 53168. On the downside, if it breaches 51570, it may retest the 50400 level.
- The Relative Strength Index (RSI) for Bank Nifty is at 64.20. RSI below 30 is considered oversold, and above 70 is overbought.
- Bank Nifty Day SMA Analysis:
- Bank Nifty is trading above all 8 SMAs (5, 10, 20, 30, 50, 100, 150, and 200-day). It is trading below none of the SMAs. One bullish candlestick pattern was identified in Bank Nifty.
- • Spinning Top Uptrend
- Macros
- 1. Dollar index @ 99.55
- 2. Vix @ 30.12 %
- 3. Crude @ 64.51
- 4.10 years bond @ 4.328
- Note:
- As expected, the steps taken by China in recent quarters (stimulus measures) are showing results. Q1 GDP grew at 5.4%, beating the 5.1% forecast. March data showed strong retail sales and industrial output. However, the recent US tariff shock dims the outlook, prompting analysts to cut 2025 GDP forecasts.
- The Trump administration seems ready for a trade deal with China, which is a positive sign for global markets.
- As for data, the Dollar Index is trading below 100 (currently at 99.57), which supports equities and commodities. Bond yields remain elevated, indicating outflows from bonds and inflows into gold and yen.
- Conclusion:
- With most tariff-related negatives priced in, any positive news from US-China trade talks will support equities. It's a buy-on-dips market for now.
- Contributed by
- Ashok bhandari : INH000019549
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