Nifty closed the day in Green, above the 22,500 level, for the 5th Straight session, as I predicted earlier, as we saw a rally in Banking stocks mainly PSU banks that gained more than 3.77% after SBI, BOB, PNB, Canara, and other major PSU banks outperform on the monthly expiry day.

Looking at the stocks in Nifty 50, then Asix Banks is the top gainer, up by 6% after its strong q4 FY24 result, and on the other hand, Kotak Bank is the top loser, down by 10.87% after the RBI action.

In terms of sector, every sector is in Green today, where the least gained sector was the IT Sector which is up by 0.33%, and on the other hand, the PSU sector soared by 3.77% on Thursday.

Looking ahead, the Market is looking strong, but a pullback may be seen in Nifty till the 22,500 level, which is overall a healthy sign for the Bullish market.

READ:- The 5 Quick Ways for Making RS 1000 per Day from the Stock Market.

What to Expect from Nifty

As predicted, Nifty roared and ended 167 points higher, above the 22,500 level, and closed the day in Green for the 5th Straight session as we saw a rally in Banks, especially PSU Banks, except Kotak Mahindra Bank, that fell more than 10% after RBI action.

We saw a high volatility market on Thursday as Nifty traveled Up and Down multiple times but it was successful in breaking the resistance zone of 22,500 indicating a further Bullish market.

So for Friday, I am expecting Nifty to continue its rally toward 22,700 and 22,800, but it needs to stay above 22,500 or a minor fall can be seen but it needs to take support at the 22,500 level in the opening hours, and then we can target 22,700 and then 22,800 on Friday.

But if Nifty falls or opens a gap down, which is likely to happen as the US market DJIA futures are down by 0.60%, and also the global market is trading in red as of publishing this article. And, if the US market and Gift Nifty traded in Red in the night, then we can see a small correction til the 22,400 or 22,350 support level on Friday.

Other than this, everything is looking fine, Nifty is just being ready for New Highs in MAY and JUNE, as the Current BJP Government will likely continue their 3rd Term.

Nifty Support and Resistance for Today

Green Lines are the Support Levels and Red Lines are the Resistance Levels.

As Expected Nifty faces resistance from the 22,600 level and ended the day in green above the 22,500 level. so for Friday, if Nifty falls then its first support appears at the 22,500 level, followed by 22,400 and 22,300 levels.

On the Upper side, Nifty is facing resistance from the 22,600 level, which is still its near-term Resistance followed by 22,700 and 22,800 levels.

Here are the OI data of Nifty 50 for Today,

Note:- This OI Data is provided via Sensibull and it has a lot of features if you are an Option Trader, and you access all the Pro Things for “FREE” by opening your Demat Account with Zerodha.

Nifty is just going crazy on Thursday, as we saw high volatility taking Nifty up and down multiple times a day, and this is normal on expiry day. (But what happened on 18th April 2024, around 1:30 PM was unusual often called injection).

Anyway, if we look at the chart then we can see that, Nifty has formed a Shooting Star candle on the hourly time frame and this indicates a bearish sign, but as the market is Bullish, we need to wait for the confirmation.

So, here is the trade setup for Friday,

If Nifty stays above the 22,500 level in the early trading hours, then we can look for long trades till the 22,600 and 22,650 levels.

But if Nifty falls then wait for the reversal from the 22,500 level, and then you can go long, but, if it falls below 22,500 then wait for the resistance to confirm and then go short (but you need to look at the OI and the PCR for any confirmation of short trades).

Overall Market is bullish, so the wise decision is to look for long trades on Pullback or from the support levels.

Or, you can join me on Telegram for Live Nifty and Bank Nifty Trading Quotes.

Note:- For the Most Accurate Data you can revisit this Page after 11:00 AM (during Trading hours), so we can update the Trade Setup after analyzing the Market.