Nifty Daily Technical Analysis Report And Strategy 13 Apr 2022

Nifty Analysis Report For 12 Apr 2022

On 12 Apr 2022, Nifty opened gap down again as Option data and future data was negative for today. Today Open = High i.e (17584=17595) which is a sign of weakness in markets and as far as market maintain the gap it will remain bearish.

RSI sloping downwards and reached to a level of 53.32 on daily chart, MACD also making Red histogram on daily charts which shows weakness ahead. Future data and Option data is negative for 13 Apr.

Nifty Technical Analaysis For 13 Apr 2022

For 13 Apr 2022, 17500 will be a level of struggle between Bears and Bulls but according to option chain, Bears looks to hold grip on the level of 17500. 17600 will act as a strong Resistance as strong CE writing was seen on the level. PCR is at 0.762 but as 13 Apr is weekly expiry, it will not play any crucial role to support Market.

Conclusion And Strategy

If Nifty breaches 17490 selling can be done for a target of 17440, 17380, 17320-300. Upside is looking capped and market can fall sharply from any level, So for buying we have to wait till Monday. If around 1400 hrs, Nifty breaches 17600 and hold then strong short covering may be seen and buying with less amount for Hero and Zero trade can be initiated. Data suggesting a bounce back in Nifty from Monday onwards.