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Can Nifty50 hit 18,000 soon?  Learn about the main market indices and what the technical charts suggest


Indian equity indices continued to climb on Friday after a day of respite, boosted by strength in most sectors. Financials and Oil & Gas were the main contributors to gains in major indices, which hit two-month closing highs.

What do the charts suggest for Dalal Street now?

The Nifty50 has formed a long bullish candle on the daily chart in a positive sign, and further upside can be expected in the near term, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

Prepared for 18,000?

“Since the banking space has regained the upper hand, the rally should be considered healthy and as such, we will not be surprised to see 17,800 or even the psychological mark of 18,000 this week. On the other hand, 17 500 trailing 17,350 should now provide decent support, a drop below that should be used as a buying opportunity given the momentum,” Sameet Chavan, chief technical and derivatives analyst at Angel One, told CNBCTV18.com.

“With the frontline movers, traders should focus more on stocks in the cash segment, which are all set to make a real move in the coming days,” he said.

Here are the key things to know about the market ahead of the April 4 session:

Global Markets

Wall Street indexes rose 0.3 to 0.4 percent on Friday as the monthly U.S. jobs report pointed to a strong labor market. The jobs reading is likely to keep the Fed on track to maintain its hawkish policy.

Earlier in the day, the pan-European Stoxx 600 index rose half a percent as a rally in commodity-related stocks and banks helped investors shrug off concerns over economic growth and the inflation.

What to expect in Dalal Street

HDFC Securities’ Shetti believes momentum has picked up in the market after a slight consolidation move.

He expects the Nifty50 to head towards 17,800-18,000 this week before another round of minor corrections lower from the highs. He sees immediate support at 17,550.

“The Nifty50 has formed a bullish engulfing candlestick on the daily chart and settled above its 21-day exponential moving average…It is showing signs of near-term bullish strength,” said Sachin Gupta, AVP -Research at Choice Broking. .

Levels to watch

He highlighted the following levels:

Index Support Resistance
Nifty50 17,470 17,800
Clever bank 36,600 37,800

FII/DII activity

Foreign Institutional Investors (FII) bought Indian shares worth Rs 1,909.8

crore on Friday, and Domestic Institutional Investors (DII) sold shares net worth Rs 183.8 crore, according to preliminary exchange data. This contrasts with the trend seen in the recent past.

The maximum call open interest is accrued at the strike price of 18,000, with over 86,400 contracts, and the maximum sell open interest at 17,500, with around 94,250 contracts, according to exchange data. provisional.

This confirms a major hurdle at 18,000 and strong support at 17,500.

Long build up

Here are five stocks that have seen an increase in open interest as well as price:

symbol Current IO CPM Price change (%) Change in OI (%)
ELECTRICAL NETWORK 2.97.10.143 225.6 3.58% 17.56%
BATAINDIA 13,92,600 2,006.05 1.62% 16.86%
BEAUTIFUL 3,04,07,600 216.2 1.91% 14.27%
LICHSGFIN 2,06,94,000 374.75 3.71% 13.23%
IDEA 47,42,50,000 10.2 4.08% 12.38%

Long relaxation

symbol Current IO CPM Price change (%) Change in OI (%)
PERSISTENT 2,91,900 4,748.70 -0.76% -7.76%
CIPLA 76,92,100 1,021.20 -0.37% -0.03%

(Decrease in open interest as well as price)

Short cover

symbol Current IO CPM Price change (%) Change in OI (%)
ESCORTS 1,360 205 16.28% -100.00%
INDUSINDBK 800 156 5.41% -100.00%
SRTRANSEND 1,140 83.35 34.87% -65.50%
MFSL 760 41.9 12.18% -65.25%
NTPC 136 8.75 105.88% -53.70%

(Increase in price and decrease in open interest)

symbol Current IO CPM Price change (%) Change in OI (%)
ALKEM 1,38,200 3,493.90 -2.02% 25.47%
ABB 1,65,750 2,109.45 -1.91% 16.44%
IPCALAB 8,02,800 1,025 -1.28% 14.01%
HEROMOTOCO 37,07,100 2,256 -2.26% 12.89%
GUJGASLTD 36,65,000 498.15 -1.41% 11.36%

52 Week Highs

A total of 17 stocks on the BSE 500 – the stock market’s broadest index – hit 52-week highs:

ADANIENT GSFC
ADANIPOWER GUJALKALI
ATGL JKPAPER
CREDITACC KEI
CUMMINSIND INDIA
DELTACORP ELECTRICAL NETWORK
GHCL RATNAMANI
GNFC RCF
SCHAEFFLER

52 week lows

One stock hit a 52-week low: Procter & Gamble Health.

The India VIX – also known as the Fear Index – fell 10.3% to 18.4 on Friday. By late February, Russia’s decision to invade Ukraine had pushed the VIX to a 20-month high of nearly 34.


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