We have seen short covering in Nifty April fut in today’s trading session, after a positive opening Nifty fut witnessed short covering & made the high of 9373.75, in later half it witnessed some profit taking & closed at 9295.15. Fresh call writing is seen at 9400, 9500 & 9600 strikes, fresh put writing is seen at 9100, & 9000 strikes. Now Immediate support is at 9000 & 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 BRITTANIA, INDUSINDBK & BAJAJFINSV. Today’s Top losers in Nifty 50 are NTPC, HDFCBANK & M&M. Today’s best performing sector is NIFTY BANK & NIFTY IT. Today’s worst performing sectors are NIFTY PSUBANK & NIFTY MEDIA. Today again we have seen profit taking near 9400 level as we have categorically mentioned in our previous daily market reports that nifty is range bound in between 8800 to 9400 level. Today we are changing some technical levels. Primary trend of Nifty fut is down but secondary trend is up, closing below 8930 will make the secondary trends also downward. Now in current scenario it seems that it is making a new trading range of 8900 to 9500 & below 8900 Nifty is again weak & can test the levels of 8600 & 8400. Above 9500 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 9250.

Now resistance is placed in the range of 9500 – 9700 & support is placed in the range of 8900-8600.

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