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9971900635 – Daily Market Report 04-05-2020

We have seen long unwinding in Nifty May fut in today’s trading session, after gap down opening Nifty fut witnessed long unwinding throughout the day, made the low of 9245.30 & closed at 9285.90. Fresh call writing is seen at 9500 & 10000 strikes, put unwinding is seen at 9500 & 9000 strikes. Now Immediate support is at 9000 & next support is at 8500, immediate resistance is at 9500 & second resistance is at 10000 as per Nifty May series option’s data.

Today’s Top gainers in Nifty 50 are CIPLA, BHARTIARTL & SUNPHARMA. Today’s Top losers in Nifty 50 are HINDALCO, ICICIBANK & VEDL. Today’s best performing sector is NIFTY PHARMA. Today’s worst performing sectors are NIFTY PVT BANK & NIFTY FIN SERVICE. Today nifty May fut opened below the trend deciding level mentioned in our previous daily market report & witnessed the selling pressure throughout the day. As of now today’s gap down is seems to be the exhaustion gap in secondary up trend if not filled in near future. As we have discussed earlier that there is a volume divergence in nifty’s secondary up trend move & we mentioned that it has completed its journey of 50% retracement level, all our observations proved correct today. Primary trend of Nifty fut is down but secondary trend is still up. Nifty closed just above the short term moving average line. Any close below 8933 level will make the secondary trend of the nifty downward & below that level we will see the levels of 8600 & even 8000. Trend deciding level for tomorrow is 9500.

Now resistance is placed in the range of 9800-10000 & support is placed in the range of 9150-8933.

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