Nifty opened gap down on 22 Apr 2022 at a level of 17242. Nifty tried hard to hold the level of 17200 and repeatedly try to break 17300 but failed to do so. Finally in last hour, strong selling was seen in the Index which dragged down Nifty below 17200 and made a low of 17149 which is now again become a crucial level.
Nifty Technical Analysis For 25 Apr 22
Closing price is almost equal to the low made by the market i.e (17172=17149). A bearish candle can be seen on daily charts which demonstrate weakness in market if sustain below 17300. RSI again slides below 50 and now on 46.87. MACD made red histogram on daily chart which is also a sign of weakness. Future and Option data is negative for tomorrow. PCR is at comfortable level and can go to either side.
Conclusion And Strategy For 25 Apr 22
For 25 Apr 2022, 17200 is looking a resistance according to option chain followed by 17400. 17000 is looking to emerge as a good support. Buying can be done on Index if it breaches 17245 for a tgt of 17315 and 17400. If Index breaks 17140 towards downside then Index can be short for a tgt of 17050 and 16960.
Broad range of market for coming week is 16842-17500. Breaking the level on either side will be taken as a breakout and a good rally can be seen in the direction of breakout.