Open 8284 High 8883 Low 8178 Close 8745
News that two existing medicines are quite helpful in treating coronavirus is very positive. Yesterdays low of 7832 on the Nifty may act as a temporary bottom if no major negative news is there.
Nifty opened with a gap up of 21 points at 8284 levels and had a volatile early morning session in which it first touched a high of 8440 in the first 10 minutes and then fell 262 points from day high levels to touch a day low levels of 8178 at around 9.35 am.
Thankfully Nifty did not fall any lower and took support at 8200 levels to trend upwards for the rest of the day. Nifty rallied 709 points from day low levels to touch a day high level of 8883 at around 1.45 pm.
Nifty faced heavy resistance at 8900 levels and fell 376 points from day high levels to trade around 8500 levels in the afternoon session.
Nifty held support of 8500 levels and rallied 287 points from 8500 levels in the late afternoon session.
Nifty closed the day at 8745 up 482 points or 5.83 percent.
Nifty is highly volatile these days. Trading these kinds of volatile markets is very difficult.Nifty is falling heavily everyday. Todays low of 7832 may act as a temporary bottom. 8000-8500 will act as crucial support level in the coming days. 9000-9500 levels will act as stiff resistance level. Nifty will gain upside strength only above 9500 levels.
Market Breadth Nifty
Advances 46 Declines 4
The highest gainer among Nifty 50 index was Infratel up 22.61 percent and biggest loser was HDFC Bank down 1.6 percent.
Market Breadth was very good today.
FNO Data Analysis
Nifty March Futures are trading at a discount of 8 points.
For March 26 expiry
Highest open interest Call side is at 12000 ce around 21.66 lakh shares
Highest open interest Put side is at 8500 pe around 21.03 lakh shares
Huge amount of put writing at 8000 pe means 8000 will act as strong support level for Nifty