RaviChandran_Rajkumar

How to Trade Nifty on 08 April 2021

NSE:NIFTY   Nifty 50 Index
How to Trade Nifty on 08 April 2021

What Chart Says:
Nifty showed a good recovery closing very bullish .

Behind the scenes:
Advance to decline ratio is around 43:7 in nifty 50
FII has pumped in 227.42 CR & DII data has pumped in 381.08 CR
European markets had a mixed reaction today
SGX nifty is trading flat at the time of review
US Market data was trading flat at the time of review
Crude oil is trading bearish at 58.26$ at the time of review
Gold is trading bullish at 1741
US 10Yr bond is showing weakness and is at 1.638 at the time of review
Dollar index is showing weak and is at 92.306 at the time of review
Open Interest for Bank Nifty on the lower side is 14500 / 14700 /14600 and on the higher side we have at 15000 / 15200 / 14900 respectively

What to expect:
Expecting a flattish to small gap up opening.

Possible setups:
1. GAP UP OPENING - First possible resistance is at 14883 and if it is taken out and if it acts as support then we can expect 14948 / 15050 & above levels to be tested.
2. GAP DOWN OPENING - First possible resistance is around 14765. Any of these levels acting as a strong resistance can go short with possible lower targets of 14716/14636.
3. Flat OPENING - 14819 is the key level to watch out on flat open any support & resistance at this level we can take positions in the direction of the trend and sit for targets as marked.

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