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Daily Market Report – Monday 30 March 2020

We have seen short buildup in Nifty April fut in today’s trading session, after a gap down opening Nifty fut witnessed some buying from lower levels after that there was huge short buildup seen in nifty fut made a low of 8248.65 & closed at 8290.15. Fresh call writing is seen at 9000 & 8500 strikes, fresh put writing is seen at 8000 & 7500 strikes. Now Immediate support is at 7900 & next supports are at 7500 & 7200, immediate resistance is at 9000 & second resistance is at 9500.

Today’s Top gainers in Nifty 50 are CIPLA, TECHM & NESTLEIND. Today’s Top losers in Nifty 50 are BAJFINANCE, HDFC & KOTAKBANK. Today’s best performing sectors are NIFTY FMCG & NIFTY PHARMA. Today’s worst performing sectors are NIFTY FIN SERVICE & NIFTY PVT BANK.

Technically speaking today Nifty fut faced the resistance around 8600 – 8650 levels after a short covering move in first hour. Our Friday’s analysis proved correct as we have mentioned in our Friday’s report that sell on rise strategy is appropriate for today’s trading day. Nifty still trading below longer & shorter time frames moving averages. India VIX is at 71.89 still near all-time high level making very big market range. In current scenario 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 clearly downward. In current scenario 8000 level is trend deciding level for days to come. If nifty will take some support around 8000 level then there are high chances that it will again test the 9000 level otherwise it will be going to test the 7500 & 7200 levels.

Now strong resistance is placed in the range of 9500 – 9800 & strong support is placed in the range of 7500-7200.

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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