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Nifty Intraday Update for 28h April 22

OANDA:IN50USD   India 50
Nifty 50 Index continued to fall on Wednesday, after a day's breather, on account of weak global cues. Most sectors were in the red with heavyweights such as Bajaj twins and ICICI Bank being the biggest drags. Index traded in the range 17100 – 16950 during the day with high volatility . The volatility ( India VIX ), which had cooled down significantly in the previous session, spiked over 20 levels again. VIX needs to be back around 17-18 levels for some kind of stability in the market.

April Series Expiry Day ( India 50 USD Index)
No major changes in last 2 trading session Index was rangebound yesterday with high volatility , The levels we discussed in yesterday’s analysis is likely to hold good during today’s sessions as well. Key support is at 16850 and 17070 / 17250 is likely to be important resistances for the day. If the key support is broken and retested, ABCD pattern will be activated and the downward momentum will continue. Short term Trend reversal can be confirmed only if the major hurdle at 17450 is broken and sustained. Today being the expiry session for April futures and options contracts, index is likely to trade in the range with high volatility .
Since SGX Nifty is trading flat, we are likely to open on a flat note.

Daily Time Frame

Trade closed: target reached

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