Nifty Daily Technical Analysis Report And Strategy 07 Apr 2022
As discussed in previous article Nifty looking weak, Market behaved in same way and reached our target of 17800. Market opened with gap down of 110 points on 17842 levels and Bulls tried to push market up but face the resistance at 17900 levels which has now became a strong resistance for markets to go up as strong CE writing was seen on 17900 level followed by 18000.
On 06 Apr 22, closing price is equal to low i.e 17807 (low 17779) which is a sign of weakness and Nifty made a red candle on daily chart with RSI coming down to 61.42.
Future data and Option data is negative for 07 Apr 22. If Nifty breaks the 17780 level then it may test 17680, 17620. As far as Support is concerned Nifty may take support from 17680 and bounce back on Friday.
Tomorrow is weekly expiry and a highly volatile session of Markets may not be ruled out.