Nifty Daily Technical Analysis Report And Strategy 20 Apr 2022

Nifty Analysis Report For 19 Apr 22

Market opened up on a positive note at 17258 level as PCR is overbought. Due to week technical signals market was unable to break 17300 and in last one hour market saw strong selling from 17280 level which dragged market to an important level of 16800. Market took support from 16800 and made some recovery and close on 16958.

Nifty Technical Analysis For 20 Apr 22

Open = High i.e ( 17258 = 17275 ) and Nifty made a long bearish candle on daily chart which demonstrate weakness ahead. RSI sloping downwards and at a level of 39.94, MACD is increasing its bearish crossover and red histogram. PCR is in oversold zone and may support Nifty from lower levels.

Conclusion And Strategy For 20 Apr 22

For 20 Apr 2022, 16800 will be a crucial level to watch, If Index breaks 16800 then 16700 and 16500 level can be seen in coming days. If Nifty reclaim 17000 and hold then 17280 will b crucial level to watch , Nifty will only be in bullish mode once it breaks 17280 and hold.