Nifty Outlook Report - 29th April, 2022

market outlook for 29 April

by Ruchit Jain Last Updated: 2022-04-29T13:05:41+05:30

Nifty started the expiry day on an optimistic note around 17150 on back of positive global cues. The initial dip below 17100 in the first hour got bought into, and the index the rallied for rest of the session to end tab below 17250 with gains of over a percent.

nifty

 

In the recent consolidation, Nifty has formed a support base in the range of 16800-17000 and it gave a breakout from a ‘Triangle’ pattern on the hourly chart. Post breakout, we saw a broad participation from the index heavyweights wherein stocks from Banking, IT, Oil and Gas etc. lifted the benchmark higher. This breakout indicates a shift of short term momentum to positive and hence, we could see further upmove in the coming session.

Share Market Update
 


Till this support base is now protected, we expect a retracement of this recent correction in Nifty which should pull Nifty towards 17500 which is the 50% retracement of the recent correction. The mentioned triangle breakout gives a probable target of 17570 while the 61.8% retracement is seen around 17665.

These would be the levels to watch on the upside and traders should watch out for these one at a time. On the flipside, 17150-17100 would be the immediate intraday support range to watch out. Traders are advised to trade with a positive bias until we see any signs of weakness again or till the index reaches the above mentioned important levels.

 

Nifty Levels

Bank Nifty Levels

Support 1

17150

36220

Support 2

17100

35950

Resistance 1

17380

36750

Resistance 2

17430

37000

 

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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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