We have seen long unwinding in Nifty April fut in today’s trading session, after a negative opening Nifty fut witnessed short covering in first hour of trade, made a high of 9144.70 then huge long unwinding is seen in second half of the trade, made a low of 8685.75 & closed at 8750.55. Fresh call writing is seen at 9000 -9500 strikes, call unwinding is seen at 8700 & 8900 strikes fresh put writing is seen at 8600 & 8500 strikes. Now Immediate support is at 8000 & next support is at 7800, immediate resistance is at 9200 & second resistance is at 9500.

Today’s Top gainers in Nifty 50 are VEDL, SUNPHARMA & CIPLA. Today’s Top losers in Nifty 50 are SHREECEM, TSC & TITAN. Today’s best performing sectors are NIFTY PHARMA & NIFTY AUTO. Today’s worst performing sectors are NIFTY REALTY & NIFTY IT.

Today Nifty fut made a high of 9144.70 after that faced huge selling pressure. Our analysis proved correct as we have mentioned in our last report that 9200 mark is strong resistance for the Nifty fut. Nifty approached towards shorter time frame moving average but closed below it with a very long wick on daily candlestick. India VIX is at 52.24 cooled down from the high of 86.63 is a good sign for the market but still at a very high value. Now a days a lot of news flow is coming on daily basis & market is trying to price in all the news flow & giving very large range in intraday trading also. Primary trend of Nifty is down but secondary trend is up. MACD gave bullish crossover four days back but its still below central line. Now in current scenario 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. 8600 level will act as a trend deciding level.

Now resistance is placed in the range of 9200 – 9500 & support is placed in the range of 8000-7800.

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