Nifty 50 Prediction For Tomorrow, 26 April 2023

On Tuesday, the NIFTY 50 opened at 17761, made a low of 17717 which had become a support yesterday and then made a high of 17807.25 to close at 17761.95. This movement has made a Doji candle. 

Nifty 50 Daily chart with the positioning of important EMAs

In our yesterday's prediction, I suggested to take a bullish trade above 17755 which seems to have gone well by giving about a 50 points' move.

Let's have a look at the charts and other aspects to identify where Nifty is heading towards. 

Nifty 50 Chart Reading for 26 April 2023

1. The bullish cross (09DEMA above 21DEMA) is intact on daily chart albeit today's doji candle formation evinces confusion.
2. The Golden Cross (50DEMA above 200DEMA) is wonderfully intact which is a bullish signal. 
3. The price had broken above the down-trendline on 11 April 2023 and the price is still above that trendline. 
4. The daily RSI, near 70 levels, is also showing strength that indicates bullishness.
5. The bullish cross (09DEMA above 21DEMA) is intact on hourly chart and the 50EMA is also lying below 09 and 21EMA that indicates bullishness,
6. The RSI, on hourly chart, has gone down and is near 63. It has created some room for bullish continuation. 

Nifty 50 hourly chart showing the placement of 09,21, and 50 EMAs

Nifty 50 Options' Open Interest Data as on 25 April 2023

1. The option-writers have unwinded good number of CALLs near 17700 and added PUTs there.
2. The outstanding OI data suggests that 17700 holds highest PUTs to make this level a support zone.
3. The strikes of 17800 and 18000 are having notable CALL OI to restrict the further up-move.

Nifty 50 Options' Open Interest Data Chart

Nifty 50 FII DII Data as on 25 April 2023

Below is the activity of the institutions on Tuesday, 25 April 2023.

FII DII Data

This Data is giving neutral signal.

Conclusion

The above mentioned Nifty analysis suggests that a few indicators and aspects are supporting bullishness while a few are showing confusion. Therefore, I am in favour of taking a bullish trade above 17808 with a SL below 17714.90. On the other hand, if Nifty falls in the morning then take a bullish trade above the high of an hourly green candle formation near 17675-17750 with a SL below the low of that candle.