Nifty 50 Intraday Trade Setup for 26th April 2022

Nifty 50 Index suffered sharp losses on Monday on back of weak global cues amid concerns about aggressive monetary policy action by the US Fed. India VIX also shot up and is now back to 20+ range. However, gain in ICICI Bank on back of good results, brought back some positivity in the Banking sector. Index is now trading in the 16800-17500 range with high volatility.

INDIA 50 USD Analysis (Higher TF)
Index gave a strong closing at around 17100 levels forming a hammer candle and double bottom at support, as US markets ended a volatile day in green as government-bond yields fell. The downward momentum will continue below 16850 and will reverse above 17450 levels (Important range for the week).


INDIA 50 USD Analysis (Shorter TF - Intraday)
Index has stopped making Lower lows and formed a double bottom at 16850 levels (strong support). The pullback rally will continue above the days high of 17100 levels and will gain momentum if 17275 levels is broken and sustained, which is likely to be the immediate resistance followed by a major resistance at 17450. We will see a range bound day today as India VIX is likely to cool off.
Since SGX Nifty is trading slightly higher, we can expect a small gap up today.