Nifty:22147.5/122.5/0.56%;Candle:OGD,Long day green; Bank Nifty:47574.15/504.7/1.07% Candle:OGD,Long day green ; HB:OGD,Long day green
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long35%FutCash;129;Opt93%
OI data Nifty ( max pain W22200M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:Reliance Industries, Aarti Surfactants, Aditya Birla Money, Mahindra Logistics, Rallis India, Tejas Networks, Tamilnad Mercantile Bank, Hatsun Agro Product, Kesoram Industries, and K P Energy will be in focus ahead of quarterly earnings on April 22.
The NSE has added Biocon to the F&O ban list for April 22, while retaining Balrampur Chini Mills, Bandhan Bank, Exide Industries, Vodafone Idea, Metropolis Healthcare, Piramal Enterprises, SAIL, and Zee Entertainment Enterprises to the said list. GNFC, Hindustan Copper, and National Aluminium Company were removed from the said list.
Market wrap up(DWM,T,N,E):With the strong recovery from day’s low and formation of Bullish Piercing Line kind of pattern as well as Double Bottom kind of pattern formations on April 19, the market seems to have done with the correction and may see further recovery in the coming sessions, experts said, adding the immediate resistance is expected to be 22,200-22,300 levels and 22,000 may act as a support for the Nifty 50. On the fundamental side also, experts do not see major escalation in Iran-Israel conflict given the Brent crude futures started trading below $90 a barrel now. On April 19, the BSE Sensex recovered nearly 1,300 points from day’s low and closed with 599 points gains at 73,088, while the Nifty 50 rose 151 points to 22,147. The index opened on a sharply negative note on the backdrop of geo-political issues in the Middle East. The upside recovery resumed from the early part of the session and the upmove continued in the mid to later part of the session. The opening downside gap has been filled completely. “A long bull candle was formed on the daily chart after opening at the lows. The present chart pattern is indicating a formation of bullish Piercing line type candle pattern and this signal short term bottom reversal for the market,” The Nifty held above the support around 21,750 level, which is near to the previous swing low of March 20. This could be considered as a double bottom type formation, he feels. After breaking below the support trendlne, the Nifty regained the lost ground and defended the said trendline on closing basis, which is a positive sign. Hence, Nagaraj feels the short-term trend of Nifty seems to have reversed after forming a bullish reversal-type candle pattern on Friday. “One may expect further upside towards the next resistance of around 22,500 levels in the few sessions. Immediate support is around 22,000 levels.”
Further, the positive divergence on the hourly momentum indicator has now been confirmed by the price action. And hence, “we expect the pullback to continue over the next few trading sessions. Immediate hurdle is placed at 22,300 – 22,500. On the downside 22,000 is the key support to watch out for,” Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas said. The volatility also spiked above the 14 mark during the day but cooled down in the later part of the session and settled below the said level, giving some comfort for bulls, though overall India VIX has been rising for the fifth consecutive session, up 3.2 percent at 13.46 level on Friday.
