NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 20 APRIL 2022

Type	R1	R2	R3	PP	S1	S2	S3
Classic	17252	17330	17422	17160	17082	16990	16912
Fibonacci	17225	17265	17330	17160	17095	17055	16990
Camarilla	17189	17205	17220	17160	17158	17143	17127

 Indian equity benchmarks Sensex and Nifty fluctuated between gains and losses on Tuesday amid choppy trading, tracking mixed movements in global markets. Losses in financials and select IT stocks dragged the leading indices lower, although gains in auto, metals and oil & gas stocks provided some support. Investors awaited more quarterly earnings reports from India Inc for clues, a day after Mindtree released a strong set of financial results covering the period between January and March. Globally, news of the war between Russia and Ukraine and rising COVID infections in China stayed on investors' radars. We have witnessed chaos in the markets for the past 30 minutes. Benchmark indices corrected nearly 1.5% today on weak global leads. In the current war, things seem to be getting worse between Russia and Ukraine. The Nifty started the session on April 19 on a positive note but failed to build on early gains. Despite several attempts throughout the day, the index failed to break above the 20 HMA and 40 DEMA. These moving averages prompted the bears to act, leading to a sharp decline towards the end of the session. In the highly volatile session on April 19th, the benchmark indices closed lower with Nifty closing below the 17000 mark. At the close, the Sensex was up 703 points, at 56463 and the Nifty was up 215 points,at 16958. 

we advised you to stay invested in quality stocks and avoid stocks with weak fundamentals in the coming days. Investors should remain cautious and hold enough liquidity to add quality stocks whenever they dip. For Nifty, 16650 will act as a very strong support if we could break the 16600 level and if that level is also broken then the next stop will be around 16500 level. On the upside, 17050 acts as a very strong resistance. If Nifty breaks above these levels, we may see 17100 to 17350 levels. For the banking index, 36150 will act as a very strong support, if this level breaks, next support will be at 35800 levels and then 35600 level is possible. On the upside 36200 will act as a strong hurdle for the banking index, if this level is broken the next strong resistance is around 36500, after that 36800 levels are possible. Consequently, the Nifty broke the 200 DMA and the 16800 level on a closing basis. The overall structure indicates that the selling pressure may continue. Therefore, the index is expected to continue falling towards 16800-16600 in the short-term. On the upside, today's high of 17300 will now act as a key short-term barrier.

Resistance: 17251, 17329, 17121

Support: 17081, 16989, 16911