Nifty Intraday Update for 4th May 2022

As expected, Nifty 50 Index opened with a huge gap down on Monday. However, the index recouped most losses by the end, taking support from 16900-16800 levels where reasonable buying has emerged in the past few weeks. Index also strongly defended the psychologically vital mark of 17,000 and gave a good closing. Volatility remained high at above 20 levels, which suggests that there could be wild swings in the market, ahead of the upcoming Fed meeting later tonight. India VIX was up by 4.46 percent at 20.28 levels. The much-awaited LIC's mega IPO sale is due to hit the Street today.

Nifty 50 Index (Daily TF)
Index has formed a strong bullish candle. Since last two weeks, Index is holding the 16,800 level but failing to show a sustained momentum, and the market appears to be consolidating within a broad range of 16,800-17,450 with wild movements in both the directions. Weekly range remains intact. Upward momentum will continue only if 17450/17500 levels are broken and sustained, and the rally can continue till 18000 (XABCD pattern getting activated). A breakdown and retest of 16,800 can drag the index to 16200 levels. (ABCD pattern will get activated on breakdown). 17090 and 17000/16900 are important levels for the day. Follow us for real-time updates as the day progresses.

SGX Nifty has been trading flat and we can see a flat to positive opening today.