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Market setup: Nifty gives up 50% of the recent rally

videos | Apr 20, 2022 9:10 AM IST

Market setup: Nifty gives up 50% of the recent rally

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Market has a massive bluechip problem. Is the market giving re-entry opportunity in some of these stocks? Possible. The market has given up 50 percent of the exact recent rally. 15,863 to 18,053 was the rally.

The domestic market on April 19, 2022 started with Monday blues with a little recovery seen around 2.30 pm. But then came the last hour of the collapse. The Nifty fell well below 17,000 – the last closing rate being below 16,900. There was heavy FII selling and the 200-day moving average (DMA) support caved in at 17,170 and may now be a bit of a resistance.

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Markets are also facing a massive bluechip issue. Is the market giving re-entry opportunity in some of these stocks? Possible. The market has given up 50 percent of the exact recent rally - 15,863 to 18,053 was the rally and the market gave up 50 percent of that.
Brent is down but dollar index is at 101. SGX Nifty is indicating that the market will have a gap up opening today.
Watch the accompanying video of CNBC-TV18’s Anuj Singhal for more details.
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