WHAT WILL BE THE NIFTY MOVE IN NEXT WEEK 18 APRIL 2022 ???

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Market remained in negative territory for a third day in a volatile session on Wednesday, as inflation surged to a 17-month high in March. The Sensex slipped into the red around midday, closing 260 points lower at 58315, while the Nifty ended at 17465, 64 points lower. points. Markets made a meaningful bottom in March and we have been trying to figure out how to really manage this entire move higher while news flow remains negative. In the very short term we have key support which is close to the 20 day moving average, it is also a 61% retracement of the rally we saw from 17000 sometime in late March to the highs and then we have each other withdrawn. So around 17425-17400 is a critical support level. For Nifty, 17425 will act as very strong support on breaking which we might see 17350 levels and if this level is also breached than next stop will be around 17300 levels. On upper side 17600 will act as very strong resistance, if Nifty goes beyond these levels than next stop will be around 17700, which if broken will take markets to 17800 levels.

RESULT IN THE NEXT WEEK 18-04-2022 TO 22-04-2022

Mindtree Ltd 18-04-2022

ACC & Larsen & Toubro Infotech Ltd  19-04-2022

Tata Elxsi Ltd  & ICICI Securities Ltd  20-04-2022

HCL Tech , L&T Technology Services Ltd     21-04-22

L&T Technology   21-04-22

Tata Metaliks Ltd 22-04-2022

NIFTY BEARISH OR BULLISH ? READ OUTLOOK FOR 13/04/2022

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Concerns over a slowdown in consumer spending following a rise in fuel prices ahead of the earnings season hit investor sentiment today. Hyperinflation and the risk of interest rate hikes are rattling the global market and hurting the performance of rising yielding stocks. Inflation in India is also expected to be on the higher side in the first quarter of FY23, expected to ease on a reversal in commodity prices and improving supply. The domestic market is also cautious in anticipation of the Q4 results. Nifty, posting the open to the downside, broke 17600, the key support level. Indian benchmark indices ended April 12 for the second consecutive month lower in volatile trading. At the close, the Sensex was down 388 points to 58576 and the Nifty was down 144 points to 17530.

Technically, the Nifty has closed below the 10-day SMA after a long time. We think the broader market structure is still weak and renewed uptrend rally is only possible after breaks above 17650. Below these levels we could see further weakness to 17600-17500. The Nifty broke off an inside bar pattern formed on the daily chart on April 11th. However, the selling pressure was absorbed near the 20-day moving average, prompting the bulls to act. Consequently, the index managed to hold the 17500 level on a closing basis. The overall structure suggests that the index has reached the bottom of near-term consolidation with the recent minor dip. 17500-17400 is a crucial support zone from where the index can make a bounce up towards 18000. Therefore, from a short-term trading perspective, the risk reward at this level is quite attractive to open a new long position. On the other hand, if Nifty manages to trade 17650, it will rally to 17700 and 17800. The market structure is volatile therefore level based trading would be the ideal strategy for the traders. The Bank Nifty Bulls came back strong in the second half, outperforming the Nifty Index. The index is near the 38000 resistance zone and it needs to decisively break above this level for the bulls to take full control. The 37400-37300 lower zone acts as a bid area and a close below will trigger new selling pressure.

Resistance: 17600, 17700, 17800

Support: 17500, 17400, 17300

NIFTY & NIFTYBANK PREDICTION FOR 12 APRIL 2022

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

BANKNFITY OUTLOOK & OPTION CALL PUT TIPS FOR 11 APRIL TO 13 APRIL 2022

The Nifty Bank Index closed positive on Friday. Stocks of Bandhan Bank (up 2.53%) AU Small Finance Bank (up 1.98%) Federal Bank (up 1.78%) IndusInd Bank (up 1.34%) and Kotak Mahindra Bank (up 1.02%) ended the day as the top winner in the pack. On the other hand IDFCBANK (down 1.3%) and HDFC Bank (down 0.14%) ended the day as the biggest losers. The Nifty Bank Index closed up 0.52% at 37752.

Bank Nifty Outlook

On the daily chart the index has formed a bearish candle with a long upper shadow indicating selling pressure and resistance at higher levels. The index is floating in a higher top and higher bottom formation on the daily chart indicating a near-term uptrend. The chart pattern suggests that if Bank Nifty breaks above the 37800 level and holds there would be some buying taking the index towards the 38000-38200 range. However if the index falls below the 37500 level there would be selling that would take the index towards 37200-37000. Banknifty is trading above the 20-day SMAs which is signaling a bullish bias in the short to medium term. Bank Nifty remains in an uptrend over the medium and long term so buying on the downside remains our preferred strategy. The daily strength indicator RSI has turned positive and is above its reference line indicating continued strength.

Bank Nifty Derivative Outlook

On the daily chart the index has formed a bearish candle with a long upper shadow indicating selling pressure and resistance at higher levels. The index is floating in a higher top and higher bottom formation on the daily chart indicating a short-term uptrend. The chart pattern suggests that if Bank Nifty breaks through 37800 and holds there would be some buying that would lead the index towards the 38000-38200 range. However if the index falls below the 37500 level there would be selling that would take the index towards 37200-37000. Banknifty is trading above the 20-day SMAs signaling a bullish bias in the short to medium term. Bank Nifty remains in an uptrend in the medium and long term so buying on the downside remains our preferred strategy. The daily strength indicator RSI has turned positive and is above its reference line indicating continued strength.

NIFTY WEEKLY OUTLOOK & TRADING TIPS FOR 11 APRIL TO 13 APRIL 2022

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Type	R1	R2	R3	PP	S1	S2	S3
Classic	17,914	18,159	18,614	17,459	17,215	16,759	16,515
Fibonacci	17,726	17,891	18,159	17,459	17,192	17,026	16,759
Camarilla	17,734	17,798	17,862	17,459	17,606	17,542	17,478

On Monday morning, the SGX Nifty pointed to a sluggish start on muted global indicators. However, during the pre-opening period, the news came out regarding the merger of two huge companies, HDFC Ltd and HDFC Bank. This led to an outpouring by these two heavyweights, which then rubbed off on the broader market. The most important indices, the Nifty and Bank Nifty, took off right from the start. With the HDFC conglomerate known for its solid reputation, this news flow gave the rally a much-needed boost. As a result, Nifty zoomed towards 18000 and maintained its stable stance throughout the day despite some small profit bookings mid-session. The spectacular parade on Monday was followed on Tuesday morning by a quiet start in the countryside. However, in initial trading, small gains simply disappeared and the index slipped into consolidation mode thereafter. Profit booking extended somewhat in the first half and as it progressed the Nifty tested the 17950 level. Fortunately, buying resumed as we entered the second half and recouped all losses. However, towards the end of the fag, the market suddenly became jittery, resulting in a sharp downtrend that also slipped below the morning low. Finally, Nifty finished the session convincingly below 18,000, losing over half a percent. The tail-end profit booking in the previous session was extended at the open itself on Wednesday when we experienced a jittery start on sluggish global cues. Barring a mid-session try, the index remained under pressure, hovering around the bottom for most of the day. As a result, the Nifty ended the session just above 17800 by losing another eight tenths of a percent. Thursday's session replicated the previous session as we first saw a gap to the downside on sluggish global cues and then, despite a mid-session rally, ended the session close to a daily low. In contrast to Wednesday, however, the trading range was slightly larger. Finally, the Nifty ended the weekly decline on a negative note slightly below the 17650 level, losing another percent. Friday market broke a three-day losing streak to finish higher with Nifty above 17700 after the RBI's monetary policy committee kept interest rates on hold. Finally, the Sensex was up 412 points to 59447 and the Nifty was up 144 points to 17784. The market has been cautious in the last 2-3 days ahead of the RBI meeting and its future policy stance. Actions in line with market expectations led to a recovery rally. The focus has shifted to the Q4 earnings season, which starts next week and is being initiated by the IT and banking sectors. The outlook for the banking sector is robust on the back of a rapid pick-up in credit growth and improving balance sheets, while the outlook for IT is mixed as the fourth quarter is seasonally weak.

 

NIFTY: A STRONG SUPPORT WILL BE @ 17215; STRONG RESISTANCE LEVEL SEEN @ 18159

The benchmark Nifty found support around the previous session's low, leading to a positive close for the day. On the upside, however, the Nifty found resistance around the lower band of the rising channel. In the future, the trend could continue in the short term. On the top end, the index might face resistance at 18159, while on the bottom end, there is support at 17215.

TECHNICALLY SPEAKING

Markets ended their 3-day losing streak as investors bought again after the RBI said in its monetary policy announcement that it would continue its accommodative stance and stated that inflation would cool going forward. Sentiment was also supported by a rise in other global indices, boosting investor confidence, although concerns over rising US bond yields, likely rate hikes and sanctions on Russia continued to weigh on markets. Technically, after a short-term correction, on weekly charts the Nifty has formed a doji candlestick formation that clearly shows the indecisiveness between the bulls and bears. The market took support near the 10-day SMA and has formed a promising reversal pattern that is suggesting a continuation of a pullback rally in the near future. We believe that the bounded texture is likely to persist in the short-term. For the bulls, 17215 would be the key support zone above which the index could reach the 17914-18159 level. On the other hand, if the index closes below the 10-day SMA or 17459, it could reach the 17215-16759 levels.

NIFTY PREDICTION & TIPS FOR F&O 8 APRIL 2022

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Negative sentiment continued for the third straight session as the US Fed's hawkish stance has raised concerns about steeper rate hikes, while investors trimmed positions ahead of RBI policy, although most experts believe the MPC maintain the status quo on policy rates. The decline was primarily due to profit-taking in Reliance Industries and other energy stocks amid volatility in global crude oil prices. The market ended lower for the third straight session on April 7 ahead of tomorrow's RBI policy outcome. At the close the Sensex was down 575 points to 59034 and the Nifty down 168 points to 17639. The Bank Nifty Index pre-RBI policy remains subdued as HDFC Bank continues to exert heavy selling pressure. Technically, the Nifty is still holding the lower high formation on intraday charts and has also formed a bearish candle that is mostly negative. However, over the past three days the index has corrected by over 475 points and is currently trading near the key retracement support level after a short-term correction. The Nifty had recently tumbled near the upper Bollinger daily band and a falling trendline drawn from the October high. This was followed by a setback for the last three sessions. On the downside, it has filled in the recent gap range of 17791-17703 and is approaching the bottom of an inverse rising channel that lies near 17550. Selling pressure is expected to be absorbed near 17550-17500. The overall structure suggests that the index has re-entered a short-term consolidation phase and consolidation may take place in the next few sessions in the 17,500-18,000 range. Nifty has fallen out of the rising channel on the daily chart, indicating an easing bull market. The daily RSI is in a bearish crossover. The trend looks negative in the short term. On the lower end, support is seen at 17,450 while resistance is seen at 17,750-17,800. Technically, the Nifty Index had tested resistance at the upper Bollinger Band pattern and traded below it, suggesting weakness in the meter. In addition, the index also closed the weekly gap, moving below the previous week's close. A momentum indicator RSI has turned down from overbought territory. However, an indicator MACD is still showing a positive crossover on the daily scale. On a four-hour chart, the index has formed a bearish Marubozu candle, signaling bearishness for the coming day. Currently, the index has support at 17,430 levels while resistance is placed at 17,800 levels. On the other hand, Bank Nifty has support at 36,850 levels while resistance lies at 38,000 levels. The bank needs to close above the 38000 level to resume the uptrend. A clear direction will be visible once the policy is announced.

NIFTY PREDICTION & TIPS FOR F&O 7 APRIL 2022

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The market ended April 6 for the second straight day lower on weak global cues and selling in auto, bank and IT names. At the close the Sensex was down 566 points to 59610 and the Nifty down 149 points to 17807. The benchmark index found resistance around the previous low before settling on a negative note. On the daily chart, the index has been moving within a rising channel where it has fallen to the lower band of said channel. Traders rushed to further reduce their positions in banking and IT stocks, dragging key benchmark indices significantly lower. Weakness in other global markets and concerns of a hawkish US Federal Reserve likely to hike interest rates, coupled with caution ahead of the RBI policy meeting, prompted investors to avert risk.

Going forward, an immediate recovery from current levels is expected. However, failure to sustain above the lower band of the rising channel can trigger selling pressure in the market. On the downside, support is visible at 17775, below which the Nifty could drift towards 17750 in the short-term. For traders 17700 would act as an immediate hurdle and below that a weak formation is likely to continue to 17650-17600. However, above 17850 the index could rise to 17900-17950. The Nifty has strong support between 17700 and 17800 and therefore contra traders can take a long bet near 17700 with a strict support stop at 17625.

Resistance: 18150, 18200, 18250

Support: 18000, 17950, 17900

NIFTY PREDICTION & TIPS FOR F&O 6 APRIL 2022

Markets had rallied strongly over the past two sessions, outperforming other Asian peers, but the bears were back in action as investors preferred to book profits. Financials, which had spurred a massive rally in broader markets a day earlier, proved to be the main reason for the decline in major benchmark indices, despite buying interest in auto and FMCG stocks. Markets took a breather after yesterday's surge and closed marginally lower. After starting flat, the benchmark ranged and ended around the daily low. Overall, sector indices traded mixed, with gain bookings in banking and finance dragging the indices lower. However, purchases of electricity, consumer discretionary and FMCG packages limited the downside. The broader indices were each up in the 1.5% to 1.6% range. After opening positive, the benchmark index traded with a negative bias all day, showing profit bookings from higher levels. The Nifty50 index closed at 17930, down 0.53%, while Bank Nifty settled at 38067, down 1.47% in one day. Technically, the Nifty50 encountered resistance at 18100 and showed downside momentum, but managed to close above its 50-day simple moving averages, suggesting that a sustained above may show recovery. The index took support from the previous horizontal line and closed above the same, suggesting buyers are quite active. However, momentum indicator MACD is seen trading with a positive crossover on daily charts, indicating upward movement. Additionally, the index managed to close above 21 & 50 - a sustained HMA above may indicate a northerly direction. The Nifty could find support around 17,800 levels while on the upside 18,150 could act as an immediate hurdle for the index. On the upside, Bank Nifty has support at 37700 while resistance lies at 38700. Markets could consolidate after the recent surge and it would be healthy. However, thanks to planned events such as the MPC monetary policy review meeting and the start of the earnings season, there will be no shortage of trading opportunities. Participants should focus on the sectors/themes that are performing well and use the pause to accumulate quality stocks on dips. On the intraday charts, the Nifty has formed a sort of double-top formation, suggesting further weakness from current levels. The index has also formed a bearish candle on the daily chart that is largely negative. However, the medium-term structure of the market remains positive. We believe that as long as the index trades below the 18050 level, the correction could last to 17850-17750. Fresh uptrend is possible only after breakout of 18050 range and could extend to 18130-18200 range.

Resistance: 18150, 18200, 18250

Support: 18000, 17950, 17900

NIFTY PREDICTION & TIPS FOR F&O 5 APRIL 2022

Although markets opened weak, key indices rallied quickly and held onto key psychological levels of 60k and 18k respectively. The trigger was that markets welcomed the HDFC merger announcement and the rally in both stocks spilled over into other financials and spilled over into other sector stocks as well. Nifty has gracefully climbed above 18000 on the daily chart after a sustained trade above the previous consolidation. The market ended April 4th higher for the second straight session, driven by bank names following news of the merger of HDFC and HDFC Bank. On completion, the Sensex rose 1335 points to 60611 and the Nifty rose 382 points to 18053. Also, recent key economic indicators such as core growth numbers and all-time highs in GST earnings showed that the domestic economy has shrugged off geopolitical tensions. On the daily charts, the Nifty is holding an uptrend formation, but due to the overbought texture, traders may prefer to book some profit at higher levels. For the trend-following traders, 17850 would act as the key support level and above that the index could reach the 18175-1250 level. On the other hand, a quick intraday correction is not ruled out if the index trades below 17880 and below that it could retest the 17950-17900 level.

Resistance: 18150, 18200, 18250

Support: 18000, 17950, 17900

NIFTY WEEKLY OUTLOOK & TRADING TIPS FOR 4 APRIL TO 8 APRIL 2022

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The war between Russia and Ukraine, the movement of crude oil and the RBI monetary policy meetings, as well as the stock results due in April 2022 would be the main factors that will determine the near trend.

WEEKLY RESISTANCE FOR NIFTY: 17737, 17811, 17962

PIVOT POINT: 17586

WEEKLY SUPPORT FOR NIFTY:  17413, 17361, 17288

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 17700, 17750, 17800

PIVOT POINT: 17650

DAILY SUPPORT FOR NIFTY:  17600, 17550, 17500

DAILY CHART FOR NIFTY

FY22's final week of expiry got off to a slow start, taking inspiration from mixed global stock markets. The benchmark index, the Nifty50, tumbled as soon as the market started towards the psychological support of the 17000 level, from where a smart recovery started to pare the initial losses. The index ended the session up 0.40 percent and settled slightly above the 17200 level. A promising start came on Tuesday in our domestic market, which followed the positive global cues, with the benchmark index Nifty50 opening a significant gap to the upside. The market stayed in a narrow range throughout the session, suggesting that the bears are not going to give up anytime soon. The cops also stood their ground and pounced on every small burglary. After the intense tug of war session, the Nifty ended the day in favor of the bulls with consecutive gains of 0.60 percent to settle just above the 17300 level. 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. Market ended higher on first day of the new financial year & week with Nifty comfortably closing near 17700. At close, the Sensex was up 708 points at 59276, and the Nifty was up 205  points  at 17670. 

NIFTY: A STRONG SUPPORT WILL BE @ 17300; STRONG RESISTANCE LEVEL SEEN @ 17800

We expect FY23 to see continued volatility in equity markets, particularly in the first half of the year with rising global interest rates and high inflation likely to persist. In this scenario, we anticipate a reallocation of funds from long-term debt to equity funds in the second half of the year, which should bode well for equities. Our year-end target for Nifty is 19800. Some sectors where we are positive include metals, hospitals, hospitality, oil refining, capital goods, etc. In terms of levels for the coming week, the credit policy is ahead  Nifty is placed near the crucial 17600 zone and looking at the recent stellar run this week, a breather at current levels should not be ruled out, although support is near the zone from 17500-17300 lies . On the upside, 17800-18000 could be seen as immediate resistance for the index.

TECHNICALLY SPEAKING

The stock market kicked off FY23 on a positive note. It started the year muted and in-line with global markets but strengthen as the day progressed as the broad market picked up and buying increased in sectors like Banks, Power & Realty. Cabinet approval for mega power policy, drop in crude and improvement in global futures ignited the rally. Russia- Ukraine war, movement of crude and RBI monetary policy meetings would be the major factors that will dictate the near trend.The Nifty managed to cross the key barrier of 17600 on a closing basis on April 01. The weekly chart shows that the index had a sustained rise throughout the week & formed a bullish Outside bar on the weekly chart. Also, on the chart the Nifty has formed a bullish outside bar along with an Engulfing bull candle today. Investors cheered the strong GST numbers for March while reports about Russia started pulling out some troops from the Ukraine capital also aided the sentiment. Technically, after a 17400 breakout the Nifty has maintained breakout continuation formation which is broadly positive. In addition, strong bullish candle on weekly charts along with higher bottom formation also support further uptrend from the current levels. However, traders may prefer to take cautious stance near the 17800 resistance level due to the market being in an overbought situation. The current texture is likely to continue unless the index slips below 17400 or 10-day SMA. Above the same, we could see Nifty touching the level of 17,800 and further upside could lift the index up to 17900. On the flip side, 10-day SMA or 17400/17300 would be the sacrosanct level for the positional traders and below the same, the index could slip to 17200-17000 levels. This shows that the bulls are having upper hand. The daily upper Bollinger Band has started expanding on the upside thus creating room for the index in the higher territory. All these observations suggest that the index is set to test the level of 18000 on the upside. On the downside, the near term support zone shifts higher to 17600-17400.

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

NIFTY PREDICTION FOR F&O EXPIRY 31 MARCH 2022

The bulls were back in action ahead of the F&O expiry, which helped Sensex close above the crucial 58,000 level. Investors cheered reports that both Russia and Ukraine are holding peace talks, bringing some stability to markets around the world. Indian markets rose for the third day today on positive signals on Russia-Ukraine peace talks. With the lockdown in China, markets are expected to remain volatile in the period ahead. Another important aspect was the drop in crude oil prices, which would help contain rising inflation.

Currently, the market is trading near its key resistance level and has also formed a minor hammer candlestick formation. We think that as long as the Nifty trades above 17409, the breakout structure is likely to continue to 17636-17830. On the downside, the index below 17200 could retest the 17033-16931 level. Technically, Nifty has been steadily rising for the past three trading sessions, moving above the previous swing highs. Additionally, the index has held above the 100-EMA on the daily chart, indicating bullish strength for the day ahead. A momentum indicator RSI (14) is moving above the 60 level and the MACD is showing a positive crossover supporting the uptrend. Currently the index has support at 17113 while resistance lies at 17470. On the upside, Bank Nifty has support at 35106 while resistance lies at 36518.

Resistance: 17273, 17393, 17491

Support: 17045, 16956, 16836

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 30 MARCH 2022

Type	R1	R2	R3	PP	S1	S2	S3
Classic	17303	17384	17534	17153	17072	16922	16841
Fibonacci	17241	17296	17384	17153	17065	17010	16922
Camarilla	17243	17264	17285	17153	17200	17179	17158

 The market ended near the daily high with Nifty closing comfortably above 17300 led by Pharma, Real Estate and Capital Goods. At the close, the Sensex was up 350 points to 57943. The index traded in a 17000-17400 range on the 8th day of trading as the index opened on a green note but hit an intraday low at 17235 and the session at 17325 finished stage with a gain of 103 points. Bank Nifty closed the session at 35847. Markets ended bullish with the broader indexes up 0.60%. This was done in hopes of a positive outcome in peace talks between Russia and Ukraine. The drop in oil prices also supported the market. However, rising inflation, the rise in crude oil prices and the US Federal Reserve's rate hike need to be taken into account. This can affect the market in the short term. However, over the longer term, markets will do well and we recommend sticking with the buy-on dips strategy at large levels. Technically, the Nifty50 is trading near the resistance levels and above the 50-day simple moving averages suggests further strength. The index has confirmed the hammer candle on a daily chart, confirming the strength of the counter. However, momentum indicator STOCHASTIC is seen trading with a positive crossover on daily charts, suggesting upward movement. Additionally, the index managed to close above 21-HMA, a sustained above it may indicate a northerly direction.The Nifty could find support around 17,000 while 17,500 on the upside could serve as an immediate barrier for the index. On the other hand, Bank Nifty has support at 34473 levels while resistance at 36736 levels. For Nifty 17072 will act as a very strong support, if this level breaks then 16922 will be the next strong support after the market might take support at the 16841 level. On the upside 17303 will be a strong resistance, if this level is broken the next hurdle will be 17384, after that 17534 will act as a strong resistance level.

Resistance: 17,303 17,384 17,534

Support: 17,072 16,922 16,841