NIFTY on 01-04-2022
Riding on the back of Positive global cues and Buying from FIIs and NIFTY continued its northward journey and easily crossed the first major hurdle of 17550 in the first half of the 1st trading session of new Financial Year.
Lead by BANK and FINANCIAL (+2.13% ), OIL & GAS ( +2.31%) and support from AUTO (+1.18) NIFTY successfully crossed the second hurdle of 17625 and made an intraday high of 17703.
Buying was observed in all indices except PHARMA which lost 0.03% ( which is negligible).
NIFTY closed at 17670.45 with a gain of 1.18%.
Technical View:
NIFTY has made a strong Bullish Candle .
NIFTY is moving above EMA 13, 21, 34 and MA 100 which reflects the short-term as well as mid term trend is Upward.
RSI has increased to 62. 73 which reflects the index has regained its positive momentum.
Support and Resistance: DAILY CHART
17625-17550 will work as support for NIFTY. On the upper side the next important level to watch for is 17775-17825.
If this level is crossed and sustained one can expect NIFTY to show 18000 in upcoming sessions of April 2022.
Support and Resistance: 15 M CHART
17590-550 will work as strong support level. On the upper side 17762-800 will work as resistance
View for Traders:
Technically there is no sign of fatigue visible on NIFTY Daily Charts. Also, keeping strong global cues and Buying from FIIs during previous sessions it could be expected that NIFTY will march towards higher levels in upcoming trading sessions.
Hence, Traders should look for opportunities to buy NIFTY near first support level but selling at first resistance level must be avoided.
Further, as per the charts there is no such strong resistance till 17800 but above this level there lies a congestion zone which ranges between 17800-18000.
Hence, sellers should sit tight and wait for NIFTY to reach this congestion zone where they may take chance.
Buy, NIFTY in the range of 17590-17550 for a target of and 17750-800 with an SL 17444.
NIFTY is not recommended to sell at current levels.
Sectoral View:
NIFTY OIL&GAS
AEGIS LOGISTICS
CMP 219.50
BUY IN THE RANGE OF 214.50- 215.50
TARGET 231
DURATION 1 WEEK
POTENTIAL UPSIDE 7.69%
MID CAP 50
CANARA BANK
CMP 239.95
BUY IN THE RANGE OF 231-234
TARGET 255.65
2 WEEKS
POTENTIAL UPSIDE 9.25%
Riding on the back of Positive global cues and Buying from FIIs and NIFTY continued its northward journey and easily crossed the first major hurdle of 17550 in the first half of the 1st trading session of new Financial Year.
Lead by BANK and FINANCIAL (+2.13% ), OIL & GAS ( +2.31%) and support from AUTO (+1.18) NIFTY successfully crossed the second hurdle of 17625 and made an intraday high of 17703.
Buying was observed in all indices except PHARMA which lost 0.03% ( which is negligible).
NIFTY closed at 17670.45 with a gain of 1.18%.
Technical View:
NIFTY has made a strong Bullish Candle .
NIFTY is moving above EMA 13, 21, 34 and MA 100 which reflects the short-term as well as mid term trend is Upward.
RSI has increased to 62. 73 which reflects the index has regained its positive momentum.
Support and Resistance: DAILY CHART
17625-17550 will work as support for NIFTY. On the upper side the next important level to watch for is 17775-17825.
If this level is crossed and sustained one can expect NIFTY to show 18000 in upcoming sessions of April 2022.
Support and Resistance: 15 M CHART
17590-550 will work as strong support level. On the upper side 17762-800 will work as resistance
View for Traders:
Technically there is no sign of fatigue visible on NIFTY Daily Charts. Also, keeping strong global cues and Buying from FIIs during previous sessions it could be expected that NIFTY will march towards higher levels in upcoming trading sessions.
Hence, Traders should look for opportunities to buy NIFTY near first support level but selling at first resistance level must be avoided.
Further, as per the charts there is no such strong resistance till 17800 but above this level there lies a congestion zone which ranges between 17800-18000.
Hence, sellers should sit tight and wait for NIFTY to reach this congestion zone where they may take chance.
Buy, NIFTY in the range of 17590-17550 for a target of and 17750-800 with an SL 17444.
NIFTY is not recommended to sell at current levels.
Sectoral View:
NIFTY OIL&GAS
AEGIS LOGISTICS
CMP 219.50
BUY IN THE RANGE OF 214.50- 215.50
TARGET 231
DURATION 1 WEEK
POTENTIAL UPSIDE 7.69%
MID CAP 50
CANARA BANK
CMP 239.95
BUY IN THE RANGE OF 231-234
TARGET 255.65
2 WEEKS
POTENTIAL UPSIDE 9.25%