We have seen long buildup in Nifty April fut in today’s trading session, after a positive opening Nifty fut witnessed profit booking in first hour of trade tested the low of 9257.15 then from that level it witnessed long buildup throughout the day & made the high of 9421.00 & closed at 9397.75. Fresh call writing is seen at 9600 & 9700 strikes, fresh put writing is seen at 9300, & 9200 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 INDUSINDBK, BAJFINANCE & HDFC. Today’s Top losers in Nifty 50 are SUNPHARMA, IOC & NTPC. Today’s best performing sector is NIFTY PVT BANK & NIFTY FIN SERVICE. Today’s worst performing sectors are NIFTY PHARMA & NIFTY FMCG. Today nifty found support just above the trend deciding level mentioned in our previous daily market report i.e. 9250. 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. Above 9500 it is bullish & can test the levels of 9600 to 9700 & below 8900 Nifty is again weak & can test the levels of 8600 & 8400. 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 is 9300.
Now resistance is placed in the range of 9500 – 9700 & support is placed in the range of 9000-8800.
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.