We have seen Short buildup in Nifty April fut in today’s trading session, after a flat opening Nifty fut made the high of 9384.75, from that level it faced selling pressure & made a low of 9215 & closed at 9260.50. Fresh call writing is seen at 9500 & 9800 strikes, fresh put writing is seen at 9000 & 8700 strikes. Now Immediate support is at 8800 & next support is at 8500, 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 TATAMOTORS, SUNPHARMA & HDFCBANK. Today’s Top losers in Nifty 50 are HINDALCO, JSWSTEEL & AXISBANK. Today’s best performing sectors are NIFTY PSU BANK & NIFTY IT. Today’s worst performing sectors are NIFTY METAL & NIFTY METAL.

Today in first half Nifty fut faced resistance around 9400 level & later it took support around 9200 level & closed at 9260.50 forming the Spinning Top candlestick pattern on daily chart. So, we can say that short term trend of the market is still up, secondly it closed around the Fibonacci retracement level of 38.2 % of the last major downward move, next few days are very crucial for the direction of the market. We are taking the 9500 – 9800 as a significant resistance zone for the days to come. India VIX is at 43.45 cooled down from the high of 86.63 is a good sign for the market but still it is very high.

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 9500 & 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. 9150 level will act as a trend deciding level.

Now resistance is placed in the range of 9500 – 9800 & support is placed in the range of 8800-8500.

This content is only for the educational purpose for ICFM Share Trading Course Students. This content cannot be considered as a buying or selling recommendation.