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Daily Market Report 30-04-2020

We have seen short covering in Nifty May fut in today’s trading session, after gap up opening Nifty fut witnessed short covering throughout the day & made the high of 9877.95 & closed at 9830.85. Fresh call writing is seen at 9800, 10200 & 10500 strikes, fresh put writing is seen at 9500, & 9800 strikes. Now Immediate support is at 9000 & next support is at 8500, immediate resistance is at 10000 & second resistance is at 10500 as per Nifty May series option’s data.

Today’s Top gainers in Nifty 50 are TATAMOTORS, UPL & ONGC. Today’s Top losers in Nifty 50 are SUNPHARMA, HINDUNILVR & CIPLA. Today’s best performing sector is NIFTY METAL & NIFTY AUTO. Today’s worst performing sectors are NIFTY MEDIA & NIFTY PHARMA. Today nifty May fut made a short covering move & made the high of 9877.95 as we have mentioned in our last report that 9500 mark is a breakout level & next levels are 9750 & 9880 , we also mentioned that nifty fut is moving towards the 50% retracement level i.e. 9878 of last major downward move ,Nifty achieved all the levels within 2 trading days after breaching 9500 mark. This proved that our researched view was correct. Primary trend of Nifty fut is still down but secondary trend is up. Currently nifty is at 50% retracement level & bank nifty is at 38.2% retracement level & we also see the divergence in volume in nifty fut chart so now we are very cautious in further up move. Now there are high chances that the nifty will face selling from higher levels Trend deciding level for tomorrow is 9650.

Now resistance is placed in the range of 9900-10100 & support is placed in the range of 9200-9000.

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