|
Type |
R1 |
R2 |
R3 |
PP |
S1 |
S2 |
S3 |
|
Classic |
17,884 |
17,984 |
18,126 |
17,743 |
17,642 |
17,500 |
17,400 |
|
Fibonacci |
17,835 |
17,892 |
17,984 |
17,743 |
17,650 |
17,593 |
17,500 |
|
Camarilla |
17,835 |
17,828 |
17,851 |
17,743 |
17,762 |
17,740 |
17,718 |
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The market closed on Monday, April 11, 2022 on a negative note. The investors are skeptical about the ECB meeting, the release of US inflation data and the start of the domestic Q4 earnings season. Indian IT sector suffered from weak earnings expectations on a QoQ basis. For this shortened week as market is closed due to holiday on 14 April & 15 April, the market is cautious as trading is on the upside of the trend and momentum has shifted from broad to stock specific. Negative sentiment on Asian equities impacted local stocks as investors followed suit and trimmed their positions in risky contracts. Investors particularly avoided technology stocks ahead of TCS results on concerns that a muted earnings outlook for the next quarter could lead to further selling in the sector. Benchmark indices closed lower on April 11th with Nifty closing below 17700, dragged by IT and capital goods stocks. At the close the Sensex was down 482 points at 58964 and the Nifty was down 109 points at 17675.
After a negative open, the Nifty has been hovering in the 17780 -17650 range. Technically, on daily charts, the index has formed a small bearish candle inside the body, suggesting indecisiveness between bulls and bears. We believe that a 10-day SMA and a 17642 retracement support zone would act as key support levels for the Nifty. Additionally, a strong possibility of a pullback rally to 17884-17984 is not ruled out. On the downside, below the 17742 range breakout, the market could retest the 17642-17500 level. The battle between bulls and bears in the Bank Nifty index continued and a break above 38,000 will confirm the upside. The lower end of the 37,000-36,800 zone will act as a buffer and a decisive break below will only result in further selling pressure.
Resistance: 17806, 17892, 17984
Support: 17742,
17650, 17500
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