Nifty50 almost removed the previous day’s rise and closed with a loss of 1.3 percent on April 22, as a correction in global colleagues after the Chairperson of the Federal Reserve Jerome Powell hinted at a rise in 50 BPS interest rates at next month’s policy meeting next month, market sentiment. Banks, financial services, metals and pharmaceutical shares are hit hard.
The index forms a bearish candle on the daily chart because the closure is lower than the opening level, but there is a type of formation of a long-legged doji pattern on a weekly scale, showing bear doubles. The index lost 1.7 percent for a week.The typical long-legged doji pattern is formed when the opening price is almost the same as the closing price but there are many intraweek movements on both sides.
Nifty50 opened lower on 17,243 and remained under pressure throughout the session to reach a low of 17,149, which according to experts could act as an important level for further downside in the coming days in the coming days in the coming days in the coming days. The index finally settled at 17,172, down 221 points or 1.27 percent.”Although, Nifty50 registered a bearish candle on a daily chart, he watched a long-legged Doji on the weekly chart that signaled the hesitant nature of the bear at the lower level,” said Strategist Mazhar Mohammad, ChartviewIndia.
The next expert said complete washing from the last Thursday increase with a rate below 17,200 would support bears in the next trading session. Therefore, it remains important for the good to maintain the level above 17,149 and failure to do so at first can, expand the weaknesses towards the level of 16,978, said Mazhar Mohammad.
When the market seems to be in a high volatile phase without the right direction, Mazhar Mohammad recommends that it is not wise to avoid index bets, at this point, until some signs of stability are visible.Data options show that NIFTY50 can see a broader trading range of 16,800 to 17,500 levels for next week.
In front of the option, there was an open interest in maximum calls at 18,000 strikes, followed by 17,500 strikes while the maximum open flower was seen in 17,000 strikes followed by 16,000 breakers. The writing of a significant call was seen at 18,000 strikes then 17,400 broke down while writing at 17,000 strikes.India Vix increased 2.8 percent to 18.35 level. Experts feel the volatility that lives above 18 levels provides discomfort for the Bulls.
Bank Nifty opened by losing 300 points at 36,514 and remained under pressure for the entire session. It violates important support from intraday 36,000 but at the close, it managed to maintain the same and settled with a loss of 771 points at 36,045.The index forms a bearish candle on a daily and weekly scale. “Until it applies below 36,250, weaknesses can be seen at 35,750 and 35,500 while resistance is placed at 36,500 and 36,750 zones,” Chandan Taparia, Vice President | Derivatives on Oswal Motilal’s financial services said.
In front of the stock, he said there was a positive arrangement at United Beer, Mindtree, Colgate Palmolive, Port Adani, Marico, M & M, Biocon, Maruti Suzuki, and Cat Asia, while the weakness was seen in Hindalco, Lupine Lupine, Lupine, Torrent Pharma, SBI, Piramal Enterprises, Dr. Reddy’s Labs, Cipla, Glenmark Pharma, HDFC AMC, RBL Bank, and Tata Steel.