Open 7848 High 8036 Low 7511 Close 7801
Nifty opened with a huge huge gap up of 238 points at 7848 levels and made a high of 8036 on the first 5 minute candle .Nifty could not sustain at such high gap up levels and fell 523 points from opening high levels to touch a day low level of 7511 at around 10.25 am.
Thankfully Nifty took support at 7500 levels and trended upwards for the rest of the day. Nifty rallied 469 points from day low levels to trade around 7982 levels at around 1.40 pm.
Nifty faced heavy resistance at 7900 levels and fell 242 points during FM press conference
Nifty closed the day at 7801 up 191 points or 2.51 percent.
Nifty is highly volatile these days. Trading these kinds of volatile markets is very difficult.Nifty is falling heavily everyday. Nobody knows when or at what level Nifty will bottom out. After todays session we can conclude that 7500 levels are acting as good support level for Nifty. 8500 levels will act as a stiff resistance level.Nifty will gain upside strength only above 9500 levels.
Market Breadth Nifty
Advances 35 Declines 15
The biggest loser among Nifty 50 index was M&M down 7.98 percent and highest gainer was Infosys up 13.97 percent.
FNO Data Analysis
Nifty March Futures are trading at a premium of 109 points.
For March 26 expiry
Highest open interest Call side is at 12000 ce around 18.89 lakh shares
Highest open interest Put side is at 7000 pe around 16.84 lakh shares
Huge amount of put writing at 7500 pe means 7500 will act as strong support level for Nifty