Nifty 50 Prediction For Tomorrow, 27 April 2023

On Wednesday, the NIFTY 50 opened at 17767, made a low of 17711.95 which had become a support yesterday and then up-move started to make a high of 17826.80 to close at 17818.10.

Nifty 50 Daily chart with the positioning of important EMAs

In our yesterday's prediction, I suggested to take a bullish trade near 17675-17750, on the formation of an hourly green candle, which had 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 27 April 2023

1. The bullish cross (09DEMA above 21DEMA) is intact on daily chart and today's candle is the third green candle in a row.
2. The Golden Cross (50DEMA above 200DEMA) is already intact to signal bullishness. 
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 73 levels, is also showing strength for bullish continuation.
5. The bullish cross (09DEMA above 21DEMA) is intact on hourly chart and it has also been retested today. Further, the 50EMA is below 09 and 21EMA to show bullish sign.
6. The RSI, on hourly chart, is at 80 levels exuding strength for bullish movement. 

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

Nifty 50 Options' Open Interest Data as on 26 April 2023

1. The option-writers have added good number of PUTs at all the strike from 17650 to 17800. On the other hand, the strike prices of 17850, 17900, and 17950 have got the relatively lower CALL addition.  
2. If you see the outstanding OI data chart, you'll find that 17700 has become a good support and 17850 has become a zone of confusion due to similar number of CALLs and PUTs there.
3. Further, the strikes of 17900, 17950, and 18000 have become a good resistance due to notable CALL OI at those levels.

Nifty 50 Options' Open Interest Data Chart

Nifty 50 FII DII Data as on 26 April 2023

Below is the activity of the institutions on Wednesday, 26 April 2023.

FII DII Data

This Data is giving bullish signal.

Conclusion

The above mentioned Nifty analysis suggests that the setup is bullish but because tomorrow is expiry, CALL-writers, sitting at 17850-18000 zone, might not let the index move upwards. However, it there happens to be a breakout of 17863 level or if index retests the level of 17700, enter a bullish trade, else don't take any trade.