Nifty Daily Technical Analysis Report And Strategy 02 May 2022

Nifty Analysis Report For 29 Apr 22

On 29 Apr 2022 Nifty opened gap up on a level of 17329 and saw some profit booking which took Index to a level of 17244 which was a good level for bulls to enter. Same was seen in the market which took market slowly upwards toward level of 17400 but in last hour a strong selling was seen which dragged Index to a level of 17053. Finally market closed on a level of 17102.

Nifty Technical Analysis For 02 May 22

On daily chart, STRONG bearish engulfing candle is seen which shows weakness in market to go above 17400. Closing is still above 50 day EMA whish is matter of relief for bulls. PCR is at 0.955 and consider to be neutral and can support market to go on either side. Future data is positive for tomorrow and Option data is negative.

Conclusion And Strategy For 02 May 22

For 02 May 2022, 17100 is looking a level of struggle between bulls and bears according to option chain. 17000 is looking a good support level followed by 16950. If Index breaches 17040 towards downside then Nifty can be short for a target of 16900 and buying can be done in index above 17220 for a target of 17315, 17440.