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Nifty Outlook

The index on Friday’s session formed a bearish candlestick pattern with a lower high and lower low signaling consolidation with corrective bias for the third session in a row after recent strong up move .

Nifty in the last three sessions witnessed profit booking and, in the process, filled the gap area of 15th April signaling corrective bias . A follow through weakness below Friday’s low 23 ,813 will open further downside towards 23 ,600 levels in the coming sessions .

Overall, in the coming week we expect the index to consolidate in the range of 23 ,600 - 24 ,400 . Stock specific action will continue to remain in focus as we progress through the quarterly earning session .

Immediate support is positioned around 23 ,600 –23 ,500 levels, a breach below the same will open further downside towards 23 ,100 levels in the coming week .

Intraday Support & Resistance

* Strong call writing is observed across the 23,900 –24,200 strikes, indicating a firm resistance zone.

* On the downside, limited put writing at 23,800 –23,900 suggests a relatively weak support base.

* For the current monthly expiry, the 23,900 –24,200 range remains crucial, with a breakout likely to trigger gamma - driven moves.

* Levels to watch:

* Above 24,200 → Upside towards 24,400 –24,500

* Below 23,900 → Downside towards 23,700

Bank Nifty Outlook

The index on Friday’s session formed a high wave candlestick pattern with a lower high and a lower low signaling consolidation with corrective bias for the third session in a row after recent strong up move .

Nifty in the last three sessions witnessed profit booking and, in the process, closed below the 50 - and 200 - days EMA signaling corrective bias . A follow through weakness below Friday’s low 55 ,750 will open further downside towards 55 ,200 and 54 ,500 levels in the coming sessions . Overall, in the coming week we expect the index to consolidate in the range of 54 ,500 - 57,500 .

From a short -term perspective, support is placed in the range of 54 ,500 –54 ,000 zone, being the confluence of the recent low and 38 .2% retracement of the last 3 weeks pullback (49 ,955 - 57,456 ).

Intraday Support & Resistance

* Option writers remain scattered, keeping the index largely range bound

* Aggressive call writing at 56,000 –56,500 highlights a strong resistance zone.

* Put writers are active at 55,800 –56,200, offering immediate support for this monthly expiry.55,800 – 56,500

* A breakout on either side could trigger a directional move, with a move above 56,500 likely to induce short covering.

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