Nifty 50 Prediction For Tomorrow, 28 April 2023

On Thursday, the NIFTY 50 opened at 17813.10, and started surging to make a high of 17931.25 and close of 17923.20.

Nifty 50 Daily chart with the positioning of important EMAs

In our yesterday's prediction, I suggested to take a bullish trade above 17863 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 28 April 2023

1. The bullish cross (09DEMA above 21DEMA) is intact and the resistance made by the high of 17 April 2023 has been broken out, giving a bullish signal.
2. The Golden Cross (50DEMA above 200DEMA) is already intact which evinces bullishness. 
3. The daily RSI, near 80 levels, is also showing strength for bullish continuation.
4. The bullish cross (09DEMA above 21DEMA) is intact on hourly chart also, and continuous green candles are being formed.
5. The RSI, on hourly chart, is near 92 levels exuding strength along with the overbought situation of the index, giving contradicting signal. 

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

Nifty 50 Options' Open Interest Data as on 27 April 2023

1. The option-writers have added good number of PUTs at 17850-17900 zone, rest all strikes have observed unwinding of PUTs and CALLs both.  
2. If you see the outstanding OI data chart, you'll find that 17950-18000 zone has become a good resistance while 17900-17800 zone is a good support.

Nifty 50 Options' Open Interest Data Chart

Nifty 50 FII DII Data as on 27 April 2023

Below is the activity of the institutions on Thursday, 27 April 2023.

FII DII Data

This Data is giving bullish signal.

Conclusion

The above mentioned Nifty analysis suggests that the setup is bullish but avoid taking trade if index opens gapped up tomorrow. On the contrary, if it opens near today's closing or retests the levels of 17800-17850, then bullish entry shall be taken.