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9971900635 – Daily Market Report 08-05-2020

We have seen short buildup in Nifty May fut in today’s trading session, after a gap up opening Nifty fut witnessed short buildup throughout the day & closed at 9236.65. Fresh call writing is seen at 9500, 9700 & 9800 strikes, put unwinding is seen at 9000 & 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 HINDUNILVR, SUNPHARMA & DRREDDY. Today’s Top losers in Nifty 50 are NTPC, M&M & AXISBANK. Today’s best performing sectors are NIFTY FMCG & NIFTY IT. Today’s worst performing sectors are NIFTY PSUBANK & NIFTY AUTO. Primary trend of nifty is already down. Last bottom on daily chart is 9115 & today’s low is 9215 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 9450 mark above this level nifty will move towards 9700 & 9850. In current scenario sell on rise strategy is appropriate for intraday trading, today also nifty witnessed selling of 85 points below the trend deciding level mentioned in our previous report I e. 9300. Trend deciding level for Monday is 9350.

Now resistance is placed in the range of 9600-9850 & support is placed in the range of 9115 – 8933.

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