Indian Markets witness a pitfall recovery on Friday after making a hammer candle around the support level on the hourly chart – taking nifty above the important support level of 22,000.

The rally in the Indian Market on Friday is mainly driven by Banking stocks and more importantly by the index heavyweight HDFC Bank which is up by +2.45% on Friday, in the hope that Q4 results may beat market estimates.

Related: Bank Nifty Prediction for Monday, 22nd April 2024

Nifty Prediction Today

Indian Equity Index is so obsessed with Global News that it opened on a negative note on Friday as the Israel-Iran Tension escalated and as the US Fed looking for no rate cuts this year, but ended in green after Iran revoked itself from any aggression.

Anyway, it’s just an over-reaction, but as we look at the technical chart in a one-hour timeframe, then Nifty is making a hammer candle in the bottom, around the support zone of 22,800 as we predicted earlier – leading Nifty to gain more than 1% from the day low gives closing at 22,147 level.

So for Monday, Nifty may see some correction according to my analysis, and take support around 22,000, as Nifty has formed a Piercing Line Candlestick on Dialy timeframe – which is a Bullish Reversal Candle, but it should not move upward right away and may see some minor correction or consolidation on Monday, and then it will go up.

But we need to look at the Global News to predict any further movement for Monday – as Nifty is poised to react to any news coming from the West as NASDAQ is down by more than 2% on Friday and also the Asian markets are trading in red on Saturday.

Therefore, if we need to see the rally in Nifty again then it needs to break the 22,250 level and then the 22,500 level to rally towards a new high, but if Nifty falls below the 22,000 level and then breaks the 21,800 level then we may see a heavy bearishness in the market in the coming days.

Nifty Support and Resistance for Today

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

Nifty is not looking good as of now, nor is the world market so currently Resistance levels are more important and support levels are just for words.

Anyway, Nifty has an immediate resistance at the 22,200 level for today followed by 22,300 and 22,400 levels – and on the lower side, Nifty has immediate support at the 22,100 level followed by the 22,000 level and 21,900 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 seems turning bullish on Friday after it touched the support level of 21,800 level, but we need to be cautious as this may be a pullback for more aggressive selling as indications from the global markets are not so good.

So, we need to wait to trade as Nifty breaks the Support or Resistance levels on Monday.

But as I am Bearish on the Indian Market so, I suggest looking for short trades – and Nifty is also facing resistance from the 22,200 level.

So, if Nifty opens gap down then we can immediately go short till the 22,000 level, but it if opens above the 22,200 level then we need to wait for Nifty to come below the 22,200 level making it a trap and then go short.

But if Nifty stays above the 22,200 level then you can look for long trades after any confirmation, till then looking for short trades is a nice strategy.

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.