Nifty Daily Analysis For 04 Apr 2022

On 01 Apr 2022, Nifty made a low almost equal to its open price i.e 17436 ( low 17422 ) and close is equal to high i.e 17670 (high 17703), both are positive sign for markets and shows the strength in markets. Nifty made strong green bullish engulfing candle on daily chart which gives the sign of bullishness in markets.

As per option chain, 17600 is a level of struggle or fight between Bulls and Bears above which 17707 may act as a resistance. If Nifty manages to breach 17700 level and sustain then next targets will be 17790, 17850 and if Bears took Nifty downwards then 17500 may act as a good support below which 17440, 17340 levels may be seen.

FII continue to buy in cash markets. Future data is mildly -ve and option data is positive. Nifty PCR stands at 1.295 which can be considered a little in overbought zone.

Overall a bullish market, buy in dips heading towards 17800-18000.