The fear index, the India VIX, dropped 5.62 percent to a level of 12.70 after climbing the previous five days.
The experts stated that the Nifty 50 is expected to rise towards 22,400-22,500 levels in the upcoming days, with support at 22,200-22,000 zone, given the uptrend’s continuation with higher high, higher low formation, and closing above the crucial 22,300 mark. If the index reclaims and holds 22,500, then a march towards a record high cannot be ruled out.
The benchmark indexes continued their upward trend on April 22 for the second straight session, with the BSE Sensex climbing 560 points to 73,649 points. As the closing was close to opening levels, the Nifty 50 gained 189 points to 22,336 and produced a Dragonfly Doji-style candlestick pattern on the daily charts, suggesting that bulls and bears were undecided about the direction of the market.
The market may even hit new all-time highs in the near future if Nifty is able to hold above 22,500, he added. Nifty has crossed above the first hurdle at 22,300 levels and is anticipated to face strong resistance at 22,500 levels (the opening downside gap of April 15). “Immediate support is at 22,260 levels.”
Angel One’s technical analyst Rajesh Bhosale, in the meantime, counseled traders to stay alert and steer clear of complacent wagers.
“Key levels to monitor for Nifty are around 22,400 – 22,500, coinciding with a bearish gap and the key 61.8 percent retracement level, while the bullish gap around 22,200 – 22,150 is expected to provide immediate support,” he stated.
Important levels of Nifty and Bank Nifty support and resistance
The Nifty 50 is anticipated to encounter resistance at the 22,353 level, followed by the 22,413 and 22,481 levels, according to the pivot point calculator. On the downside, the index can find quick support at 22,236, then 22,194 and 22,126 levels.
The Bank Nifty continued to rise on April 22, getting closer to the 48,000 milestone. As the closing was lower than the opening levels, the index rose 351 points to 47,925 and formed a bearish candlestick pattern with a long lower shadow. However, on the closing basis, it defended both the 10-day and 21-day exponential moving averages.
The fact that the PSU and private banking stocks rallied with it suggests that the momentum was persistent. Relative strength index (RSI) and moving average convergence divergence (MACD) indicators on the daily chart indicate a bullish position. Resistance is located at 48,500, while the immediate support is still at 47,500 levels, according to Om Mehra, a technical analyst at Samco Securities.
The pivot point calculator indicates that 47,972, 48,220, and 48,418 could be resistance points for the Bank Nifty index. The index is anticipated to find support at 47,702 on the lower end, then 47,580 and 47,382.