We have seen long buildup in Nifty April fut in today’s trading session, after a flat opening Nifty fut made the low of 8835.15 from that level it witnessed long buildup for rest of the day & closed at 9035.45. Fresh call writing is seen at 9200, 9300 & 9400 strikes, fresh put writing is seen at 9000 & 8500 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 NTPC, VEDL & HINDALCO. Today’s Top losers in Nifty 50 are HCLTECH, TECHM & KOTAK BANK. Today’s best performing sectors are NIFTY MEDIA & NIFTY BANK. Today’s worst performing sectors are NIFTY IT & NIFTY FMCG.

Today Nifty fut witnessed support around 8800 level. Nifty fut closed slightly above shorter time frame moving average. India VIX is at 46.09 cooled down from the high of 86.63 is a good sign for the market but still at a 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 but secondary trend is up. 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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