We have seen Long unwinding in Nifty May fut in today’s trading session, after a positive opening Nifty fut witnessed some buying in
morning trade after that selling pressure from higher levels is seen during rest of the day & closed at 9225.15. Fresh call writing is
seen at 9400, 9500 & 9700 strikes, fresh put writing 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 HEROMOTOCO, TATAMOTORS & INFRATEL.
Today’s Top losers in Nifty 50 are ICICIBANK, BPCL & DRREDDY.
Today’s best performing sectors are NIFTY AUTO & NIFTY MEDIA.
Today’s worst performing sectors are NIFTY PVT BANK & NIFTY BANK.
In our last daily market report, we recommended sell on rise strategy for intraday, it proved correct today as we have seen around
200 points selling in nifty from higher levels. Primary trend of nifty is already down. Last bottom on daily chart is 9115 & today’s low
is 9202.10 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. Trend deciding level for tomorrow is 9380.
Now resistance is placed in the range of 9500-9850 & support is placed in the range of 9115 – 8933.
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