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Nifty Intraday Update for 29th April 22

Long
OANDA:IN50USD   India 50
Nifty 50 Index bounced back sharply and recouped all its previous day's losses to close above 17,200 levels powered by rally in Financial, oil & gas, IT and FMCG shares. The Index finished the April derivatives ( futures & options) series 253.2 points or 1.4 percent lower. The declining volatility ( India VIX ) also supported the market but needs to cool down further to support the bulls.
This week has been full of gap ups and gap downs (and index trading in range after opening -except on yesterday where we saw a trending move) with Index opening gap down on Monday, gap on Tuesday, gap down on Wednesday and again gap up yesterday. Overall, the index has been moving in a range of 16,850-17,450 levels for a couple of weeks now, with moves in both direction, which will also be the key levels to watch for coming sessions.

India 50 USD (Lower TF for Intraday)
Index has formed a good bottom with the price making higher lows. The trendline resistance and Immediate resistance at 17250 was broken decisively and has been retested, which has activated XABCD pattern and is indicating 17450-17500 as our next target. This is an important level to watchout for as current downtrend will reverse only of if this level is broken and sustained. 17250 and 17070 will act as immediate supports.

India 50 USD (Higher TF)
Index has formed a XABCD pattern which will be activated once the major hurdle at 17450 levels is broken/sustained and will fuel the rally to 18000 levels. The downward momentum will continue below 16850 levels ( ABCD pattern will also get activated and the probability of testing levels around 16250 will open up).


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