nifty trading analysis

 Nifty hits 10-week high, march towards 18,000-18,300 in May series

Nifty50 is likely to inch up towards 18,000-18,300 area in May series, with support shifting higher to 17,800-17,700 levels.

It was a strong monthly expiry day for the Nifty50 on April 27 as the index has not only been making higher highs and higher lows but also extended a northward journey for the fourth consecutive session. Largely it was driven by most of the sectors, barring FMCG, which closed flat with a negative bias.

The Nifty50 opened flat, but after initial volatility, it gradually gained strength as the day progressed and hit a day’s high of 17,932. The index closed near the day’s high, rising 101 points to 17,915, the highest closing level since February 17 and formed a bullish candlestick pattern on the daily charts.

Index on the weekly timeframe formed a bullish candlestick pattern making higher tops for the fifth consecutive week.

Nifty50 is likely to inch up towards the 18,000-18,300 area from May 2023.

A long bull candle was formed on the daily chart, which indicates an upside breakout of the range movement and also the resistance of the previous lower top at 17,863 levels.

Present chart pattern could open up a new bullish sequence of higher tops and bottoms in the near term.

Nifty is expected to move towards the next upper trajectory of 18,200-18,300 levels.


Thanks and Regards,

Prashant Jagtap.



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