Nifty 50 Updates for Expiry session 21st April 2022
Updated
Supported by positive global cues, Nifty 50 Index ended its five days losing streak and ended in green zone on Wednesday. Index has formed an ‘Inside Bar’ / ‘bullish harami’ after taking bounce from demand zone (Half Bat pattern – as highlighted in the weekly analysis.), trapping the late shorter. This pattern signals a trend reversal on proper follow-up, and we can see an pullback rally, if days high is broken and sustained. The volatility (India VIX index) also cooled by 5.6% to 18.67 after spiking to around 20 levels, indicating a consolidation and limited downside in the markets.
Intraday
India 50 USD Index gave a strong closing above 17220, breaking the trendline resistance. The pullback rally is likely to continue if 17320 level is broken and sustained, which is the previous swing high and 17100-17050 levels is expected to act as a support. Nifty is likely to expire within in this range. We can see a strong down move ,till 16850, only if the support intraday support is broken. As SGX Nifty is trading higher, we can open with a small gap.
Intraday
India 50 USD Index gave a strong closing above 17220, breaking the trendline resistance. The pullback rally is likely to continue if 17320 level is broken and sustained, which is the previous swing high and 17100-17050 levels is expected to act as a support. Nifty is likely to expire within in this range. We can see a strong down move ,till 16850, only if the support intraday support is broken. As SGX Nifty is trading higher, we can open with a small gap.
Trade closed: target reached
We had only buy view in today's market, either on a pull back or a breakout. Index has given a breakout of 17,316. CPM is 17395. The first target almost come.
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