nifty trading analysis

                            PERSONAL VIEW ON NIFTY

     Uptrend Sustain for further session ,Nifty hitting earliest Swing

The Nifty50 is likely to hit its previous swing high of 17,860 and if the same price holds on closing basis, the 17,900-18,000 will be the next major resistance area, with initial support at 17,700 and 17,600 levels.

The Nifty50 extended its upward journey for the third straight session on April 26, ahead of the monthly expiry of futures and options contracts tomorrow. The index has formed a bullish candlestick pattern with a long lower shadow on the daily charts indicating support-based buying at lower levels.

The index after opening flat gained strength in late morning deals and remained higher in the rest of the session to hit an intraday high of 17,828. Finally, it closed above the 17,800 mark, for the first time since April 13, rising 44 points to 17,814.

While consistently taking the support at 17,700, the Nifty has been making higher highs and higher lows for three days in a row, with trading above all key moving averages. 

The index is likely to hit its previous swing high of 17,860 and if the same price holds on a closing basis, the 17,900-18,000 will be the next major resistance area, with initial support at 17,700, and then 17,600 levels.

The Nifty bulls managed to hold the support of 17,700 after the gap-down opening and the index recovered fully at the end of the session. The momentum remains strong and one should keep a buy approach and expect targets of 18,000-18,200 in the near term.

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