Nifty Daily Technical Analysis Report And Strategy 08 Apr 2022

On 07 Apr 2022, Nifty opened down with gap of approx. 80 points on 17723 levels. After taking support from 17670, it made high of 17786. As per option chain, 17800 was a resistance. Bears took control and dragged down the market to our second target of 17620 as per previous article.

Again on 07 Apr 2022, Nifty closed near to its low i.e 17639 (low 17624). Red candle is seen on daily chart with RSI sloping downwards which is sign of weakness. FII sold stocks worth ₹5009 Crores in cash market.

Future data is mildly negative for08 Apr 2022 but Option data is positive. Nifty is at good support level and also filled the gap which it created in the zone of 17700-17800.

For 08 Apr 2022, level to be watch is 17600. If Nifty hold 17600 level then buying may be seen in the markets and 17790, 17830, 17950 will be our targets in coming days. If Nifty breaches 17600 downwards then 17560,17510,17460 will be the levels of Nifty in coming days.

Market may remain in pressure in first half and bounce back in second half.