“Is 9000 the short term top for Nifty” – Nifty Analysis 30.3.2020

Nifty 5 Min Intraday Chart 30.3.2020
Nifty 5 Min Intraday Chart 30.3.2020

Open 8385 High 8576 Low 8249 Close 8281

Nifty opened with a huge gap up of 275 points at 8385 levels and touched a low of 8336 on the first 5 minute candle. Nifty took support at crucial support levels of 8300 and rallied 242 points from morning lows to touch a day high level of 8576 a around 10.45 am.

As expected Nifty faced heavy resistance at 8500-8600 levels and trended downwards for the rest of the day. Nifty fell 334 points from day high levels to touch a new day low level of 8249 at around 2.45 pm.

Nifty recovered around 50 points from day low levels to close the day at 8281 down 379 points or 4.38 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. 8000-8200 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 12 Declines 38 

The highest gainer among Nifty 50 index was Cipla up 6.71 percent and biggest loser was Bajaj Finance down 11.89 percent.

FNO Data Analysis

Nifty April Futures are trading at a premium of 20 points.

For April 1 expiry

Highest open interest Call side is at 10000 ce around 17.83 lakh shares

Highest open interest Put side is at 7000 pe around 10.97 lakh shares

Huge amount of call writing at 9000 ce means 9000 will act as strong resistance level for Nifty

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