Nifty Outlook Report - 26th April, 2022

Ruchit Jain Ruchit Jain

Last Updated: 26th April 2022 - 07:12 pm

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The U.S. Markets ended deeply in the red on Friday and this had an impact on our market opening as well. Nifty started the week around the 17000 mark and traded with a negative bias throughout the day to end below 17000 with a loss of over 200 points.
 

nifty

 

The markets opened with a gap down due to negative global cues. But post negative opening, we witnessed a buying interest in the banking space and this index which had underperformed throughout last week, provided support to the markets. Nifty had completed its 50% retracement of the previous up move during last week around 16825, but Bank Nifty was yet to correct upto this retracement mark of its previous upmove.

Share Market Update
 

Monday’s gap down completed the 50% retracement of this index too and thereafter we witnessed positive momentum in the same. Now, our markets have ended above the important support of 16825 and if this support is breached, then it opens up for a continuation of the correction towards 16600 & 16400. On the flipside, if the strength in the banks continues and the Nifty does not break this support, then a pullback move towards 17100-17150 could be seen.

Considering the large moves in the global markets, our markets could continue to follow the global cues and hence, traders should keep a close watch on the same. The INDIA VIX also rallied today and closed above 21 which is a sign of cautiousness.  Traders should avoid aggressive positions in such volatility and focus more on intraday trades rather than taking overnight risks.
 

 

Nifty Levels

Bank Nifty Levels

Support 1

16825

35640

Support 2

16640

35500

Resistance 1

17040

36400

Resistance 2

17130

36710

 

 

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