Nifty Daily Technical Analysis Report And Strategy 04 May 22

Nifty Analysis Report For 02 May 22

Nifty opened gap down on 02 May 2022 on a level of 19924 due to weak global markets. 16900 acted as a support zone and slow buying was seen in the markets which took Index above 17000 and able to hold the level. Nifty closed on a level of 17069 which is equal to its high i.e 17092.

Nifty Technical Analysis For 04 May 22

Nifty made a strong bullish candle on daily chart which shows a positive sign for markets in coming days. Low made by Index on 02 May 202 was equal to its open price which is also a sign of bullishness. RSI is still below 50 on a level of 46.17 and FII long position came down to 33.78 which indicated FII selling will be in limit in future and will not make any big impact on Markets in near future. PCR is at 0.991 and consider to be neutral and can support market to go either side. Future data is negative fo 04 May 2022 and Option data is mildly positive. If we look on daily chart, market is trading in box range of 16800 to 17400. Breaching the level on either side will trigger a good rally in the direction.

Conclusion And Strategy For 04 May 22

For 04 May 22, 17050 is a level of fight between bulls and bears. 17000 is looking a good support followed by 16900. If Index breaks 17102 and holds then buying can be done in markets for a target of 17180, 17215, 17290. Don’t become bullish in the markets until it breaks 17400 and hold on closing basis. Don’t short Index until it breaches 16800, It may bounce back from any level. If Index breaches 16800 then Index can be short for a target of 16500 and 16300 in coming days.