Nifty:22147.9/-124.6/-0.56%;Candle:Doji,OGD; Bank Nifty:47484.8/-288.45/-0.6% Candle:OGD,Doji ; HB:OGD,Long day green,1512,
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long44%FutCash;-4468;Opt91%
OI data Nifty ( max pain W22200M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:Infosys, Bajaj Auto, HDFC Life Insurance Company, ICICI Securities, Mastek, Network18 Media & Investments, TV18 Broadcast, Eimco Elecon (India), Gujarat Hotels, Accelya Solutions India, Oriental Hotels, Reliance Industrial Infrastructure, Surana Solar, and Swaraj Engines will be in focus ahead of quarterly earnings on April 18.
The NSE has added Vodafone Idea to the F&O ban list for April 18, while retaining Balrampur Chini Mills, Bandhan Bank, GNFC, Hindustan Copper, Metropolis Healthcare, National Aluminium Company, Piramal Enterprises, SAIL, and Zee Entertainment Enterprises to the said list. India Cements, and Exide Industries were removed from the said list.
Market wrap up(DWM,T,N,E):After consistent correction in the past three consecutive trading sessions following record highs, experts expect the market to enter into consolidation phase with immediate support at 22,100 (which coincides with the 50-day EMA) and key support at 22,000 mark (which coincides with the upward sloping support trendline). In case of bounce back, the 22,300-22,400 are the levels to watch out for on the higher side The formation of Spinning Top kind of candlestick pattern (not a classic one) after the recent downtrend indicated that the market may make an attempt of recovery but experts advised sell on rise strategy as sentiment remains in favour of bears. On April 16, the BSE Sensex plunged 456 points to 72,944, while the Nifty 50 was down 125 points to 22,148. The market was shut on April 17 for Ram Navami. “Technically, the trend has weakened as the index fell below the 21-day EMA (22,342). However, following the sharp decline, the index may find short-term support within the 21,930-22,030 bands, where previous congestion occurred,” Conversely, failure to maintain support at 21,930 could exacerbate panic in the market, he said, adding on the higher end, resistance for the short term is positioned at 22,400. he weekly options data hints at support in the range of 22,000-21950, which also coincides with a rising trendline support. “Only if this support is breached, then one can expect correction towards the 89 DEMA which is placed around 21,750,” said Ruchit Jain, lead research at 5paisa.com. However, he feels as the hourly readings are oversold and the market breadth was positive, there could be a pullback move in the index towards 22,400. Traders should keep a close tab on the above mentioned levels in the index and trade accordingly, he advised.
