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9971900635 – Daily Market Report 29-04-2020

We have seen long buildup in Nifty April fut in today’s trading session, after a positive opening Nifty fut witnessed long buildup throughout the day & made the high of 9595.20 & closed at 9549.15. Fresh call writing is seen at 9750 & 10000 strikes, fresh put writing is seen at 9500, & 9400 strikes. Now Immediate support is at 9200 & next support is at 9000, immediate resistance is at 9750 & second resistance is at 10000 as per Nifty April option’s data.

Today’s Top gainers in Nifty 50 are HINDALCO, ADANIPORTS & HDFC. Today’s Top losers in Nifty 50 are AXISBANK, ASIANPAINTS & HINDUNILVR. Today’s best performing sector is NIFTY METAL & NIFTY FIN SERVICE. Today’s worst performing sectors are NIFTY PHARMA & NIFTY FMCG. Today nifty April fut made a sharp up move of around 100 points after breaching 9500 mark as we have mentioned in our last report that 9500 mark is a breakout level. Primary trend of Nifty fut is still down but secondary trend is up, nifty fut is moving towards its 50% retracement level i.e. 9878 of the past major down moves. Now in current scenario it seems that it is making a new support zone of around 9200-9000 & moving towards 9750 -9880. The appropriate strategy would be buying on dips keeping in mind the intraday trend deciding level & sell near resistance if nifty shows some downside reversal move. Trend deciding level for tomorrow is 9490.

Now resistance is placed in the range of 9750-10000 & support is placed in the range of 9200-9000.

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

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