We have seen Short buildup in Nifty April fut in today’s trading session, after a gap down opening Nifty fut made the low of 8909.50, & closed at 8971.60. Fresh call writing is seen at 9000 – 9500 strikes, fresh put writing is seen at 8500, 8600 & 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 DRREDDY, INFRATEL & BHARTIARTL. Today’s Top losers in Nifty 50 are INDUSINDBK, BAJFINANCE & ICICIBANK. Today’s best performing sector is NIFTY PHARMA. Today’s worst performing sectors are NIFTY PVT BANK & NIFTY BANK.

India VIX is again rising & closed at 45.19 this is not a good sign for the market.

Primary trend of Nifty fut is down & closing below 8835 will make the secondary trends also downward. Now in current scenario it seems that it is making a trading range of 8800 to 9400 & below 8800 Nifty is again weak & can test the levels of 8600 & 8400. Above 9400 it is bullish & can test the levels of 9600 to 9700. 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. Once the support & resistance levels are breached then trade accordingly.

Now resistance is placed in the range of 9400 – 9700 & 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.