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Daily Market report 09-04-2020

We have seen long buildup in Nifty April fut in today’s trading session, after a positive opening Nifty fut witnessed long buildup, made a high of 9111.60 & closed at 9086.70. Fresh call writing is seen at 9500 & 10000 strikes, call unwinding is seen at 9200 & 9300 strikes fresh put writing is seen at 9000, 8800 & 8500 strikes. Now Immediate support is at 8500 & next support is at 8000, 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 M&M, MARUTI & CIPLA. Today’s Top losers in Nifty 50 are HINDUNILVR, DRREDDY & TECHM. Today’s best performing sectors are NIFTY AUTO & NIFTY FIN SERVICE. Today’s worst performing sectors are NIFTY FMCG & NIFTY IT.

Today Nifty fut continues its secondary up trend on third day made a high of 9111.60. Our analysis proved correct as we have mentioned in our 7th April report that this secondary up trend of Nifty is likely to continue for few days. Nifty fut closed above shorter time frame moving average. India VIX is at 49.74 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. Stochastics is at 86 after a long time on daily charts. Now in current scenario momentum is upward but the appropriate strategy would be sell near resistance if nifty shows some downside reversal move. 9000 level will act as a trend deciding level.

Now resistance is placed in the range of 9300 – 9500 & support is placed in the range of 8500-8000.

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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