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Daily Market Report – Tuesday 31 March 2020

We have seen short covering in Nifty April fut in today’s trading session, after a positive opening Nifty fut witnessed short covering
throughout the day, made a high of 8715 & closed at 8620.95. Fresh call writing is seen at 8800 & 9100 strikes, fresh put writing is
seen at 8300 & 8400 strikes. Now Immediate support is at 7900 & next support is at 7500, immediate resistance is at 9000 & second
resistance is at 9500.
Today’s Top gainers in Nifty 50 are BPCL, BRITANNIA & GAIL.
Today’s Top losers in Nifty 50 are INDUSINDBK, EICHERMOT & CIPLA.
Today’s best performing sectors are NIFTY FMCG & NIFTY METAL.
Today’s worst performing sector is NIFTY PVT BANK.
Today Nifty fut finds support above 8300 level & moved towards 9000. Our Monday’s analysis proved correct as we have mentioned
in our report that if nifty finds support at or above 8000 mark then high chances that it will test 9000 mark. Nifty still trading below
longer & shorter time frames moving averages.
India VIX is at 64.40 cooled down from the highs of 86.63 is a good sign for the market but still at a very high value. 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 down but secondary trend is up. In current scenario 8200 level is trend deciding level for days to
come. If nifty will take some support around 8200 level then there are high chances that it will again test the 9000 level otherwise it
will be going to test the 7900 & 7500 levels. Buying near support if nifty shows up move & sell near resistance if nifty shows down
move is the appropriate strategy in current scenario.
Now strong resistance is placed in the range of 9500 – 9800 & strong support is placed in the range of 7900-7500.
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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