Nifty opened gap down as market looking weak on daily chart and indicators jas also given sign of weakness. Bulls manage to hold the level of 16900. A doji kind of pattern is seen on daily chart which still gives indication of range bound market between 16800-17400.
Nifty Technical Analysis For 26 Apr 22
Nifty made a Doji candle on daily chart and RSI slope downwards to a level of 43.39. MACD is making red histogram on daily chart which is a negative sign for markets. Positive sign is that PCR is at 0.83 which is near to overbought level and can support market to bounce back. Future data is mildly positive and Option data is positive for tomorrow.
Conclusion And Strategy For 26 Apr 22
For 26 Apr 22, 16900 is level of struggle between bulls and bears and can act as support for index followed by 16800. If Nifty breaks 16800 and sustain then 16500 can be seen in coming days but chances of breaching this level is low. If Nifty crosses 17000 and sustain then 17150, 17200 can be seen on 25 Apr 22.
If Nifty open gap down on 26 Apr 22, then it will definitely bounce back tomorrow and a green candle may be seen on daily chart.