Nifty Daily Technical Analysis Report And Strategy 18 Apr 2022

Nifty Analysis Report For 13 Apr 22

On 13 Apr 2022, Nifty opened up with gap of approx 70 points on 17600 level with a positive note and started going upwards. But as we discussed in our previous article, that Nifty can fall from any level because the first sharp rise always find Sellers. Nifty find resistance at 17663 as option data was suggesting there is strong resistance on 17600. Sellers took Nifty to a level of 174504 where bulls came in action and tried hard to take Nifty above 17500 mark but failed to do so and finally Market closed in red at 17475 level.

Nifty Technical Analysis For 18 Apr 22

17475 to be consider as weak close as it is below 17500 level and close is near to its low. On daily chart, RSI is sloping downwards, MACD made bearish crossover, Fut data for 18 Apr is negative but Option data is positive, Nifty is at crucial level of 17500 and may break its consolidation range in the coming week.

Conclusion And Strategy For 18 Apr 22

For 18 Apr 2022, 17500 will be a level of struggle between bulls and bears. Level to be watch is 17440 towards downside. If Nifty breaches 17440 and trade below this then more downfall will be seen and Nifty can test 17390,17330,17290,17240,17160,17112 in coming week.

If Nifty hold and sustain 17500 and breaks 17600 then levels which can be seen in coming days will be 17660,17700,17786,17830,18000.

18000 will only be seen when one closing will be above 17600 and 17800. 17800 are strong resistances for market to go upwards. Nifty range for the coming week is 17150-18000.

Stock to be buy for investment : VBL , SYMPHONY.