We have seen long unwinding in Nifty April fut in today’s trading session, after a flat opening Nifty fut witnessed long unwinding, made a low of 8045 & closed at 8084.50. Fresh call writing is seen at 8500 & 9000 strikes, fresh put writing is seen at 8000 & 7500 strikes. Now Immediate support is at 7900 & next support is at 7500, immediate resistance is at 9000 & second resistance is at 9200.
Today’s Top gainers in Nifty 50 are SUNPHARMA, CIPLA & ITC. Today’s Top losers in Nifty 50 are AXISBANK, INDUSINDBK & ICICIBANK. Today’s best performing sectors are NIFTY FMCG & NIFTY PHARMA. Today’s worst performing sectors are NIFTY BANK & NIFTY PVT BANK.
Today Nifty fut continued its downside move. Nifty still trading below longer & shorter time frames moving averages. India VIX is at 55.30 cooled down from the high of 86.63 is a good sign for the market but still at a very high value. Primary & secondary both trends of Nifty are clearly down. Nifty closed just above 8075 level which is very crucial for the nifty’s next move (as we have discussed is our last report), in current scenario 8075 level is trend deciding level for days to come. If nifty fut will take some support around or above 8075 level then there are high chances that it will again move towards the 8600 & 8800 levels otherwise it will be going to test the 7800 & 7500 levels. Buy near support only if nifty shows some upside reversal move & sell near resistance if nifty shows some downside reversal move is the appropriate strategy in current scenario.
Now strong resistance is placed in the range of 9000 – 9200 & support is placed in the range of 7900-7500.
This content is only for the educational purpose for ICFM Students. This content cannot be considered as a buying or selling recommendation.