Nifty Daily Technical Analysis Report And Strategy 11 Apr 2022

Nifty Analysis Report For 08 Apr 2022

As per our Nifty Daily Technical Analysis Report And Strategy For 08 Apr 2022, Nifty was bullish as per our analysis. As expected, Nifty opened with gap up on 08 Apr 2022 of around 58 points on 17698. After opening, Nifty started moving upwards but faced resistance near 17800 where Bears dive in and dragged the Market to our support level of 17600. Nifty failed to break the crucial level of 17600 and Bulls came into action where strong buying were seen. As a result market bounced back in 2nd half as discussed in previous article and achieved the target of 17830 with a high of 17842.

Nifty Technical Analysis For 11 Apr 2022

Nifty made a green candle on daily chart with RSI sloping upwards, MACD still making red histogram and a Doji kind of pattern is seen on weekly chart which is a cause of concern for markets to go up. PCR is at comfortable level of 1.014 and VIX eases up to 17.69.

For 11 Apr 2022, 17800 will be a crucial level as strong PE writing is seen on that level which gives a positive sign. Strong CE writing is seen on 18000 level which gives a sign that Nifty may test 18000 level soon. Fut data is positive for 11 Apr and Option data is mildly negative.

Conclusion And Strategy For 11 Apr 2022

If Nifty crosses and sustain 17840 then 17930, 18050 may be seen in coming days. If Market breaches 17723 towards down side and sustain then 17640 , 17600, 17520, 17490 levels may be seen in coming days.