“Is 7500 the bottom for Nifty” – Nifty Analysis 26.3.2020

Nifty 5 Min Intraday Chart 26.3.2020
Nifty 5 Min Intraday Chart 26.3.2020

Open 8451 High 8749 Low 8304 Close 8614

Nifty opened with a gap up of 134 points at 8451 levels and made a low of 8304 on the first 5 minute candle which also turned out to be the lowest point of the day .Nifty did not fall any lower and took support at 9300 levels.

Nifty rallied 447 points from 9300 levels to touch a day high level of 8749 at around 10.15 am. The index fell 238 points from day high levels to trade around 8500 levels in the afternoon session. Nifty again took support at crucial levels of 8500 and moved upwards towards 8750 levels.

Nifty could not cross the day high levels of 8749 and fell 285 points from day high levels during FM press conference. Nifty moved up again from 8450 levels to touch highs of 8733 just before the closing bell.

Nifty closed the day at 8614 up 323 points or 3.89 percent.

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. 8000-8500 levels will act as crucial support levels for Nifty. 9000 levels will act as a stiff resistance level.Nifty will gain upside strength only above 9500 levels.

Market Breadth Nifty

Advances 39 Declines 11

The highest gainer among Nifty 50 index was Indusind Bank up 46.03 percent and biggest loser was Gail down 3.31 percent.

FNO Data Analysis

Nifty April Futures are trading at a premium of 50 points.

For April 1 expiry

Highest open interest Call side is at 9000 ce around 6.93 lakh shares

Highest open interest Put side is at 7000 pe around 6.92 lakh shares

Huge amount of put writing at 8500 pe means 8500 will act as strong support level for Nifty

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