Nifty Daily Analysis for 05 Apr 2022

Nifty again open on 04 Apr 2022, with gap of 100+ points and sustained the gap. Open price is equal to low i.e 17809 (low 17791). This shows strength of markets and will remain in positive mode until hold the zone of 17800-18000.

RSI on daily chart is strong and reached to a level of 68.12. As of now there is no sign of bearishness. MACD is making green histogram and FII continue buying in the markets. Future as well as Option data is positive as of now.

For 05 Apr 2022, market may remain positive and test 18150 level but profit booking at a level of 18200 can not be ruled out. Still 18000 is a level of struggle between Bulls and Bears. PCR is at 1.353 which can be consider in overbought zone and FII long position reached 76.15. If market breaks 17900 towards downside then 17800 – 17700 level may be seen.