Market Prediction for 17th April : Nifty ends at day’s high ahead of expiry! Bulls charge but is a pullback overdue? Read full analysis with charts, OI, and trade plan for 17th April.
After a tight range-bound session yesterday, the market started today on a similar note. Midday saw some jitters due to Trump’s tariff announcement, but in the final hours, bulls took control and broke through the range with a strong closing at day’s high.
Nifty’s solid breakout above key levels indicates bullish strength. However, with no retracement after breaking the 20-DMA, is it wise to ride the bullish wave or wait for a pullback? How will expiry play out tomorrow?
Let’s dive deep into the charts, data, and sentiments to decode the next move on Expiry Day.
📌 Table of Contents
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📢 Latest News Update:
📉 US-China Tariff War Intensifies
The White House stated, “China now faces up to a 245% tariff on imports to the United States as a result of its retaliatory actions.” This follows China’s recent 125% tariffs on U.S. goods and further restrictions on rare earth exports—raising geopolitical and economic tension.
Overview – A Silence before Strom
🔍 Nifty 50 Snapshot : (0.47% ⬆)️
| Open | High | Low | Close |
| 23,344.10 | 23,452.20 | 23,273.05 | 23,437.20 |
📊 Market Breadth (Nifty 50)
| ADVANCED | FLAT (<0.25%) | DECLINES |
| 25 | 13 | 12 |
📈 Nifty Movers
| TOP GAINERS | GAIN % | TOP LOOSER | LOSS % |
| INDUSIND BANK | 6.74% % | MARUTI | – 1.60 % |
| AXIS BANK | 4.33 % | HINDALCO | – 1.29 % |
🏦 Nifty Sectoral Performance
- PSU Banks lead the day with +2.37% gains.
- Auto and Pharma close mildly in red.
- All other sectors close in green, indicating broad-based buying.
📈 Technical Analysis – Where’s Nifty Headed?
Nifty’s second consecutive close above 20-SMA strengthens bullish sentiment. The breakout confirms higher highs and momentum, but a retracement may be due soon.
Key Levels:
- Support: 23, 300
- Resistance: 23,580 & 23,800
Price Action and Technical Analysis.
Price action confirming bullishness with 2 close above 20 sma. There are multiple resistance area above on 23580, 23670, and 23800. Also Nifty confirming the higher highs .
📊 RSI Status
- Daily RSI: Above 50, aiming for 70. Watch for resistance near 60.
- Hourly RSI: At 72—indicating momentum strength; may extend to 80–85 range.
📌 Breakout + Strong RSI = High Momentum. Expect action tomorrow on expiry.
📊 Open Interest (OI) Data
Nifty Future Closes at 23,440.60 With a Put Call Ration of 0.85.
- Support: 23,300 (PE OI: 90 Lkh )
- Resistance: 23,500 (CE OI: 85 Lkh )
🧮 OI Build-Up:
| Index | PRICE % | OI % | BUILDUP TYPE |
| NIFTY | 0.47% | 0.69 % | Long |
| BANK NIFTY | 1.41% | 2.56 % | Long |
| FIN NIFTY | 0.84% | 8.86 % | Long |
- 📌 Strong long buildup across indices signals bullish sentiment.
🌐 FII & DII Data (Updating soon)
FII : 3,936 Cr. Buy in Cash
DII : -2,512.77 Cr. Sell in Cash
- FII has bought +34971 Cr. in Index Options.
🧠 Market Prediction & Trade Plan
All signs point toward a bullish expiry. A move towards 23,800 is possible if momentum sustains. However, don’t forget the pending pullback after the breakout.
🔮 If Nifty opens above 23,500, watch for short covering rally.
🔁 Suggested Intraday Plan:
- Bullish bias above 23,500
- Watch RSI on 1-hour for exhaustion signals
- Book partial profits at 23,580/23,800 zones
📘 Key Learning from Today’s Market
Always decide market direction on at least 1-hour timeframe. Then align trades on smaller frames like 5 or 15 min. This reduces the risk of getting trapped in false signals. And yes, Do remember, If 1st candle will be of 100 points and more, Market can go sideways.
📣 What’s Your Take?
Do you think ******?
💬 Drop your thoughts in the comment section!