Date: 5-Apr-2022
NIFTY
has corrected 96 points (0.53%) on 5-Apr-2022 and closed at 17957.40. Currently, Nifty is in its primary down trend and on the verge of breaking out from its primary down trend. If Nifty is able to break out from its primary down trend as well as the immediate resistance zone placed at 18365-18602, then we may see it reach to new high of 19850 in mid term. On the other way, if it is not able to break out then we may see the down trend continues and the supports levels to watch out would be 16777, 15910 and 15513. All the levels are highlighted in chart.
However, the daily technical chart is supporting the break out theory and indicating the continuation of current rally. 7D EMA is above the 13D and 26D EMA. RSI is above 65 and is showing positive convergence. MACD cross over is already done and now its showing good strength.
Disclaimer: I am not a SEBI registered analyst/consultant. I am not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market.
NIFTY
has corrected 96 points (0.53%) on 5-Apr-2022 and closed at 17957.40. Currently, Nifty is in its primary down trend and on the verge of breaking out from its primary down trend. If Nifty is able to break out from its primary down trend as well as the immediate resistance zone placed at 18365-18602, then we may see it reach to new high of 19850 in mid term. On the other way, if it is not able to break out then we may see the down trend continues and the supports levels to watch out would be 16777, 15910 and 15513. All the levels are highlighted in chart. However, the daily technical chart is supporting the break out theory and indicating the continuation of current rally. 7D EMA is above the 13D and 26D EMA. RSI is above 65 and is showing positive convergence. MACD cross over is already done and now its showing good strength.
Disclaimer: I am not a SEBI registered analyst/consultant. I am not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market.