Market Outlook for the week April 20- April 23, 2020

Market Outlook for the week April 20- April 23, 2020

Nifty looks pretty bullish. On April 17, 2020 post RBI’s announcement, nifty started sliding down, however post 1.55 pm, Nifty recovered and had a strong closing.
The chart below shows the same, that Nifty is marching upwards within the bullish channel. 9300 levels was a resistance for Nifty, but it has tested this resistance quite a number of times, and hence now the resistance has become weak, soon Nifty is expected to Breakout 9300 levels, the next major reistance is in the range of 10050–10150 (grey area as highlighted in the chart).
The same data is confirmed by the Option Chain data of Nifty:
Maximum Open Interest (OI) is at 9000 PE of around 11 lakh which will now act as a support and the maximum OI is at 10000 CE which will act as a resistance.
So the doors on the upside for Nifty has opened up. This week could be a good week for Nifty.

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