Nifty Outlook Report - 27th April, 2022

Our markets started trading for the session with a gap up above 17100 mark. Post noon, we witnessed some dip which got bought into and the Nifty again rallied in the later part of the day to end at 17200 with gains of almost one and a half percent.

On the daily chart, 17000-16800 has acted as a support for the second time in last few days and as the ‘200 DEMA’ coincides with the 50% retracement mark there, it has now become a sacrosanct for the market. Today’s up move witnessed broad market participation as all the sectoral indices ended on a positive note.

Share Market Update

Hence, we expect a continuation of the momentum towards the ‘20EMA’ first which is at 17300 and then towards 17420 and 17470. In option segment, unwinding was seen in call options today while open interest addition was witnessed in puts. The immediate support as per the data is placed in the range of 17050-17000. Short term traders are advised to trade with a positive bias, and look for buy opportunities on intraday dips.