Nifty is hovering around 8000 levels – Nifty Analysis 3.4.2020

Nifty 5 Min Intraday Chart 3.4.2020
Nifty 5 Min Intraday Chart 3.4.2020

Open 8356 High 8356 Low 8055 Close 8083

Nifty opened with a gap up of 103 points at 8236 levels and touched a high of 8536 on the first 5 minute candle which also tuned out to be the lowest point of the day. Nifty faced heavy selling pressure throughout the morning session and fell 258 points from opening levels to touch a day low level of 8098 at around 10.50 am.

Nifty gave a small pullback towards 8222 levels in the afternoon session. Nifty could not move any higher and fell 167 points from 8222 levels in the late afternoon session.

Nifty closed the day at 8083 levels down 170 point or 2.06 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. 8000-7800 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 4 Declines 46 

The highest gainer among Nifty 50 index was Sunpharma up 9.58 percent and biggest loser was Axis Bank down 8.85 percent.

FNO Data Analysis

Nifty April Futures are trading at a premium of 26 points.

For April 1 expiry

Highest open interest Call side is at 9000 ce around 15 lakh shares

Highest open interest Put side is at 8000 pe around 15.19 lakh shares

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

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