We have seen short buildup in Nifty May fut in today’s trading session, after a negative opening Nifty fut witnessed choppy trade throughout the day & closed at 9204.25. Fresh call writing is seen at 9500, 9800 & 10000 strikes, fresh put writing is seen at 8800 & 8700 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 INFRATEL, INDUSINDBANK & ADANIPORTS. Today’s Top losers in Nifty 50 are NTPC, BPCL & ONGC. Today’s best performing sectors are NIFTY MEDIA & NIFTY PSU BANK. Today’s worst performing sectors are NIFTY FIN SERVICES & NIFTY FMCG. Today nifty fut traded with negative bias, below the trend deciding level mentioned in our last daily market report & closed just below the short term moving average line. Primary trend of nifty is already down .Last bottom on daily chart is 9115 & today’s low is 9152.85 so we can say that according to Dow theory the secondary trend is flat but not down , however any close below 9115 level will make it down & increase further selling , below 9115 level we will see the levels of 8700 & even 8500. For upside move nifty has to close above 9400 mark above this level nifty will move towards 9700 & 9850.Trend deciding level for tomorrow is 9300.
Now resistance is placed in the range of 9600-9850 & support is placed in the range of 9115 – 8933.
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