Nifty Daily Analysis for 30 Mar 2022

On 29 Mar 2022, Nifty was bullish on daily chart and RSI was also showing strength in the market. So Nifty opened up with gap on a positive note at 17297 level, Small profit booking was seen on 17300 levels which drags Nifty to fill the Gap towards 17236 levels. As Nifty crosses previous day high of 17235, it comes in a positive territory to buy and achieved our target of 17340 as given in previous article.

Nifty forms a Hammer kind of candlestick pattern on daily chart, close is almost equal to the highs made my market today, i.e 17335 (17342 high), This shows strength in market. But market closes on a crucial level of 100 EMA on daily chart which may act as a resistance.

According to option chain, strong PE writing was seen on 17400 levels indicating that market may head towards 17500 followed by 17400. PCR is at comfortable level of 1.075 and can support markets to go up.

Future data and Options data is positive. So if Markets sustain 17350 level then 17440, 17500 may be seen tomorrow and 17600 can be seen in coming days. Breaking 17350 will be the end of consolidation phase of markets.