Nifty closed the day at 5269.35 up by 24.45 points. Nifty April future closed at 5265.40, discount of 3.95 points.
- FII bought in Cash (Net buy 518.30 Crore)
- FII bought in stock futures and index options but sold in index futures (Net buy 857.87 Crore)
- DII bought in Cash (Net buy 181.86 Crore)
- US market closed Flat to Negative.
- Global cues are flat to Negative.
- SGX nifty is Negative as of now.
- Most Active April Nifty Call Option: 5400 and 5300.
- Most Active March Nifty Put Options: 5200 and 5300.
- Advance Decline for the day was 612:687
Current Spot: 5269.45
RSI (7 days): 49.73
Parabolic SAR: 5349
Supports: 5216 - 5163
Resistance: 5327 - 5385
Over all view
Extremely volatile day leaving both bulls and bears whipsawed. The nifty broke the inside day range of 5279-5160 but closed within the range .Like I said yesterday markets are in a flux and directional trading will be difficult till nifty finds direction.
Daily oscillators are moving up and the half hourly oscillators have moved down from overbought region due to the sharp selloff in the last hour.
Low of 5160 is still held. This supports continuation of the upmove from 5160, however keep in mind that today's action could be the forming of the right shoulder in the bearish head and shoulder pattern with the green neck line. The bearish rising wedge forming supports the view that the right shoulder may indeed be forming.
Support on the lower trendline of the rising wedge at 5245-5268 and on the neckline at 5157. Resistance is at 5332-5344 as shown on the daily charts.
Buy Nifty above 5279 - 5330 - 5397 - 5454 SL - 5272
Sell Nifty below 5258 - 5210 - 5153 - 5086 SL - 5277
Stock Ideas for the Day
Reliance Industries: Buy above 1078 for targets of 1094, 1114, 1138 SL of 1071
Reliance Industries: Sell below 1068 for targets of 1055, 1032, 1011 SL of 1076
JBF Industries Ltd.: Buy above 161 for targets of 165, 170 SL of 155.5
Sasken: Buy above 192 for targets of 198, 205 SL of 188
Gabriel: Buy above 50.5 for target of 56 SL 48.5 (One Month)
UCO Bank: Buy above 64 for target of 67 SL 63 (One Week)
Use strict STOP LOSS in each and every trade in this kind of volatile market and Trade at your own risk.
Thanks and Regards
S&P Wealth Creators
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