Nifty- 5 gaps to fill, Rejection from R3

6 Apr 2022

Nifty has taken a strong resistance at R3 (18k) level failing to sustain and then trading below the level. Today it took support at the gap boundary. Gap Down opening tomorrow could breach the gap and we should then see some lower levels 17500 - if this doesnt hold then lower levels till 17k could open up eventually. PCR at 0.66 is oversold, so contra indicates a rebound. CPR is very narrow and a trending market is expected. Global cues are quite negative. DII and FII are both net sellers today. Profit booking this week could keep the markets from trending up. What do you think?