Nifty Daily Technical Analysis And Report 29 Apr 2022

Nifty Analysis Report For 28 Apr 22

Nifty opened gap up on the level of 17189 and saw some profit booking. Market goes down to fill the gap and turn exactly from yesterday’s open price i.e 17071. Afterwards market continuously gave positive movement. Due to short covering a good rally was seen in Index which took Index to a level of 17322 from where some profit booking wass seen and finally market expired and closed at level of 17245.

Nifty Technical Analysis For 29 Apr 22

Future data and Option data is positive for 29 Apr 22. RSI sloping upwards but still below 50 on a level of 49.29. MACD making green histogram on daily chart which is positive sign for markets in coming days. FII long come to 34.89 which indicates no more aggressive selling from FIIs.

Conclusion And Strategy For 29 Apr 22

For 29 Apr 22, 17200 is a level of support followed by 17100. 17300 is a level of struggle between bulls and bears as per option chain. If market breaks the level of 17320 and hold then buying can be done for a target of 17370 and 17440. If market breaches 17200 towards downside and hold then Index can be short for a tgt of 17070 and 17000.