We have seen long unwinding in Nifty April fut in today’s trading session, after a gap up opening Nifty fut made the high of 9282.35 from that level it witnessed huge long unwinding for rest of the day & closed at 8930.00. Fresh call writing is seen at 9000, 9200 & 9500 strikes, fresh put writing is seen at 8500 & 8200 strikes. Now Immediate support is at 8500 & next support is at 8000, immediate resistance is at 9500 & second resistance is at 10000 as per Nifty April option’s data.

Today’s Top gainers in Nifty 50 are UPL, HINDUNILVR & BRITANNIA. Today’s Top losers in Nifty 50 are KOTAK BANK, HEROMOTOCO & BAJFINANCE. Today’s best performing sectors are NIFTY FMCG & NIFTY REALTY. Today’s worst performing sectors are NIFTY BANK & NIFTY FIN SERVICE.

Today Nifty fut faced selling pressure around 9300 mark. Our analysis proved correct as we have mentioned in our last two reports that 9300 is the resistance level & sell near resistance on any downside reversal is recommended. Nifty fut closed below shorter time frame moving average. India VIX is at 49.73 cooled down from the high of 86.63 is a good sign for the market but still at a very high value. Now a days a lot of news flow is coming on daily basis & market is trying to price in all the news flow & giving very large range in intraday trading also. Primary trend of Nifty is down. Now in current scenario it seems that it is making a large trading range of 8500 to 9300 & the appropriate strategy would be selling near resistance if nifty shows some downside reversal move & buying near support only if nifty shows some upside reversal. 8900 level will act as a trend deciding level.

Now resistance is placed in the range of 9300 – 9500 & support is placed in the range of 8500-8000.

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