Nifty Outlook Report - 21st April, 2022

market outlook for 21 April

by Ruchit Jain Last Updated: Dec 10, 2022 - 01:57 pm 31.3k Views
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The positive global market set ups led to a gap opening for the Nifty above the 17000 mark. The index managed to trade with a positive bias throughout the day and ended above 17100 with gains of over a percent.



Our markets corrected sharply in the last half an hour on Tuesday and completed its 50% retracement of the previous upmove. This level around 16850 also coincided with the ‘200 DEMA’ on the daily chart. The global markets were positive today morning which led to a positive start for the Nifty.

Share Market Update

The index managed to trade with positivity led by the heavyweight Reliance Ind. and due to some recovery in the beaten down counters such as Infy and HDFC. However, the banking space relatively underperformed throughout the day and the banking index ended marginally negative.

Now, if we look at Nifty, the index has formed an ‘Inside Bar’ today at the support zone. Such a pattern signals some consolidation, but many times they set up indications for trend reversals in technical analysis.

Since this pattern is formed at the support, the follow up move will be very important now and a move above Tuesday’s high of 17275 will lead to a confirmation of the resumption of the uptrend in Nifty. On the flipside, this support of 16800-16850 will be crucial as if this is breached, then the index will continue the correction towards the next support of 16600.

At this juncture, we advice traders to look for follow up move and trade aggressively only on a breakout beyond 16800-17275 range. Till then, focusing on stock specific approach could be a better strategy for trading.


Nifty Levels

Bank Nifty Levels

Support 1



Support 2



Resistance 1



Resistance 2





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About the Author

Ruchit Jain is Lead Research Analyst at 5paisa. He has a vast experience of 14 years in this field and is proficient in Technical and Derivatives Research. He has completed his CMT (U.S.A.) and has done Masters in the field of Finance at Mumbai University.

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