In the last five out of 10 trading sessions, Nifty50 opened with a gap on either side of the direction which indicates volatility on Indian indices. In this final week of the April month expiry every alternate day market changes its direction without any specific bias.
On the daily interval, prices are trading within the rising channel pattern and on April 26 prices faced strong resistance near the upper band of the rising channel pattern and on the immediate next day April 27 prices slipped to one percent confirming the resistance of the pattern.
The pries closed below its 21, 50 & 100 days exponential moving averages (EMA) on the daily time frame and the oscillator RSI (relative strength index - 14) has drifted below 50 levels and also facing a strong resistance of a trend line near 70 levels.
The immediate support for the Nifty is placed near its 50 weeks EMA which is placed at 16,660 levels and the upper band of the index is capped at 17,350 levels. If the index is closed above the said levels then the gate for the prices is open till 17,550 levels.