Open 8961 High 9030 Low 8860 Close 8879
Nifty opened with a gap up of 138 points at 8961and after the initial downmove till 8870 levels Nifty rallied 68 points from opening levels to touch a day high level of 9030 at around 11 am.
As expected Nifty faced heavy resistance at 9000 levels and could not move past it. Nifty fell 168 points from day high levels to touch a day low level of 8860 in the afternoon session.
Nifty closed the day at 8879 up 62 points or 0.63 percent.
Nifty is quite volatile these days. Trading these kinds of volatile markets is difficult.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. Nifty has broken its range of 9500-9000 levels on the downside. Nifty is now a sell on rise candidate. 8500-8800 will act as a crucial support level for Nifty whereas 9000 levels will act as huge resistance level. Nifty will gain strength on the upside only above 9300 levels.
Market Breadth Nifty
Advances 36 Declines 14
The highest gainer among Nifty 50 index was Airtel up 10.81 percent and biggest loser was UPL down 9.78 percent.
FNO Data Analysis
Nifty April Futures are trading at a premium of 12 points.
For May 21 expiry
Highest open interest Call side is at 9000 ce around 20.8 lakh shares
Highest open interest Put side is at 8800 pe around 14.3 lakh shares
Huge amount of put writing at 8800 pe means 8800 will act as strong support level for Nifty