Nifty with positive bias poised just below 50 Hours EMA.

Apr 20, 2023

With the result from Big Daddy of Index Reliance tomorrow Nifty is again staring at the cross roads but with a positive bias. Reliance has a weightage of 10.54% in the index and a good result can make the day or week for the Nifty or break it. Nifty is poised just below 50 hours EMA which is 17630 so the line will act as a resistance. If we get a gap up opening above it and the gap sustains it will be a perfect scenario for the rally to go forward. Resistances at 17630, 17691 and 17772. Supports for Nifty are at 17593 and 17578. Below this level Nifty can fall to 17488 levels. (This should be a major support). If this is broken the current rally may fizzle out.