We have seen Long buildup in Nifty April fut in today’s trading session, after a positive opening Nifty fut made the low of 8933.25, & then due to long buildup tested the high of 9219.90 closed at 9188.30. Fresh call writing is seen at 9500 – 9800 strikes, fresh put writing is seen at 9000 & 8800 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 ZEEL, RELIANCE & ASIAN PAINT. Today’s Top losers in Nifty 50 are ONGC, VEDL & LT. Today’s best performing sector is NIFTY MEDIA & NIFTY ENERGY. Today’s worst performing sectors are NIFTY REALTY & NIFTY PSU BANK.
India VIX is at 42.82 cooled down around 5 % but still at a very high level.
Today nifty found support just above the previous day’s low price, in our last daily market report we categorically mentioned that secondary trend of the Nifty will turn downward only below 8835. Today Nifty proved that our analysis is correct & secondary trend of the market is still up.
Primary trend of Nifty fut is down but secondary trend is up, 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. Trend deciding level for tomorrow 9120.
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.