Open 7735 High 8376 Low 7714 Close 8317
Nifty opened with a gap down of 66 points at 7735 levels and made a high of 7980 on the second 5 minute candle .Nifty faced stiff resistance at 8000 levels and fell 264 points in the early morning session to touch a day low level of 7714 at around 9.50 am.
Nifty took support at crucial support levels of 7700 and trended upwards for the rest of the day. Nifty with the help of index heavyweight Reliance rallied 658 points from day low levels to touch a day high level of 8376 at around 2.25 pm.
Nifty closed the day at 8317 up 516 points or 6.62 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. But as Nifty is not breaching the recent low levels of 7525 levels the level of 7500 can be treated as a temporary bottom. 8500 levels will act as a stiff resistance level.Nifty will gain upside strength only above 9500 levels.
Market Breadth Nifty
Advances 38 Declines 11 Unchanged 1
The biggest loser among Nifty 50 index was Indusind Bank down 3.33 percent and highest gainer was Reliance up 3.33 percent.
FNO Data Analysis
Nifty March Futures are trading at a premium of 37 points.
For March 26 expiry
Highest open interest Call side is at 9000 ce around 20.18 lakh shares
Highest open interest Put side is at 7000 pe around 22.18 lakh shares
Huge amount of put writing at 7000 pe means 7000 will act as strong support level for Nifty