We have seen short covering from lower levels in Nifty May fut in today’s trading session, after a gap down opening Nifty fut witnessed short buildup in morning trade after that buying from lower levels is seen during rest of the day & closed at 9212.35. Fresh call writing is seen at 9200, 9300 & 9600 strikes, fresh put writing is seen at 9100 & 8800 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 VEDL, NTPC & ITC. Today’s Top losers in Nifty 50 are RELIANCE, GAIL & ASIANPAINT. Today’s best performing sectors are NIFTY MEDIA & NIFTY METAL. Today’s worst performing sectors are NIFTY PVT BANK & NIFTY PHARMA. Today nifty tested the support zone i.e. below 9115 area & bounced sharply due to short covering in later half of the trade. It shows that the market took support & would move upward towards resistance area i.e. 9700 – 9850. Primary trend of nifty is down but secondary trend is up. 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 9280. Appropriate strategy for intraday trading would be buy on intraday dips.
Now resistance is placed in the range of 9700-9850 & support is placed in the range of 9115 – 8933.
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