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Daily Market Report 13-04-2020

We have seen long unwinding in Nifty April fut in today’s trading session, after a negative opening Nifty fut witnessed long unwinding, made a low of 8903 & closed at 9011.10. Fresh call writing is seen at 9000 & 9200 strikes, call unwinding is seen at 9400 & 9500 strikes, fresh put writing is seen at 9000 & 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 LT, HINDALCO & BHARTIARTL. Today’s Top losers in Nifty 50 are BAJFINANCE, ZEEL & BAJAJFINSV. Today’s best performing sectors are NIFTY METAL & NIFTY PHARMA. Today’s worst performing sectors are NIFTY REALTY & NIFTY FIN SERVICE.

Today Nifty fut faced selling pressure around 9100 mark. Nifty fut closed slightly below shorter time frame moving average. India VIX is at 51.45 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 on daily charts. Now in current scenario momentum is upward but the appropriate strategy would be selling 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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