Nifty Daily Analysis Report and Strategy For 06 Apr 2022

On 05 Apr 2022, Nifty opened up with gap of 30 points on 18080 showing its strength. Nifty made a high of 18095 but unable to breach its previous day high of 18114. Bears came into play and dragged the market to 17970 leve. Then the real fight came in action between Bulls and Bears for saving and breaching the most important level of 18000. At last Bears took some advantage and dragged Nifty to 17921 level but Bulls manages to save 17900 level.

A Dark cloud cover candlestick pattern can be seen on daily chart with stochastics in overbought zone. One more Red candle will confirm the change in trend and some profit booking in index can be seen. Open = High i.e ( 18080 open , 18095 high) which is also a sign of weakness.

For 06 Apr 2022,Future data and Options data is negative for tomorrow and Nifty can go downwards to fill the gap. If Nifty breaches the 17900 level and 17800, 17700 levels can be seen.

Buying can be done only when Market breaks the level of 18120 then 18200, 18320 will be the target for coming days.