With US markets tumbling on the last Friday due to weak results of some major companies and due to Fed rate hike fear, expect following levels for Nifty in week of April 25 - April 29:
Open: Gap-down around 17000 (good support in recent times + Ichimoku cloud leading span B)
Low: 16900 - 16840 (only if there it closes below 17000 on an hourly chart; 16840 falls around 200 DEMA + Rock solid support of recent times)
High: 17400 (if it manages to close above 16400 on hourly candle 17600)
As seen on the daily chart, Nifty may form and follow an upward parallel channel if it manages to close above 17100 on hourly candle after gap down opening on 25th April.
I see this as an opportunity to go long around 17000 - 16850 level. Short only below 15m candle closing below 16850.
Open: Gap-down around 17000 (good support in recent times + Ichimoku cloud leading span B)
Low: 16900 - 16840 (only if there it closes below 17000 on an hourly chart; 16840 falls around 200 DEMA + Rock solid support of recent times)
High: 17400 (if it manages to close above 16400 on hourly candle 17600)
As seen on the daily chart, Nifty may form and follow an upward parallel channel if it manages to close above 17100 on hourly candle after gap down opening on 25th April.
I see this as an opportunity to go long around 17000 - 16850 level. Short only below 15m candle closing below 16850.