NIFTY PREDICTION FOR F&O EXPIRY 1 APRIL 2022

The market took a breather on a monthly expiry day and ended the last day of the fiscal year on a flat note. Mixed global cues triggered a flat open followed by a range bound move to close. Amidst all industry indices, trading was mixed as healthy buying in FMCG, auto and housing indices helped to inch higher. On the downside, however, profit bookings at pharma, IT and PSU banks limited the upside. Finally, the Nifty closed up 0.2% to close at 17464. Meanwhile, the broader markets outperformed and closed higher in the 0.4-0.7% range. Nifty opened on a positive note on March 31 but failed to continue its winning streak of the last three sessions.

In the last couple of sessions, the index has been hovering near the crucial 17500 barrier. The failure of this crucial hurdle suggests that the index could continue to consolidate in the 17550-17280 range in the near term. The hourly chart shows that the Nifty has broken down from a rising channel and the breakdown is accompanied by a bearish hourly momentum indicator. Going forward, the index is expected to fill a gap area of ​​17350-17450 on the daily chart. Short-term traders can consider taking profits at this level and waiting for a minor pullback to open a new long position. We reiterate our positive but cautious stance, noting the ongoing geopolitical tensions between Russia and Ukraine and its impact on global markets. In the meantime, markets offer opportunities across industries so the focus should be on identifying the sectors/themes that are gaining traction and planning positions accordingly.

Resistance: 17551, 17604, 17686

Support: 17416, 17334, 17280