Today Nifty close in positive after a gap own Opening. Nifty open at 22,385.70, High 22,521.10, Low 22,346.50 , Close 22,434.65. Nifty form a candle similar to Doji candle.
Bank Nifty open at 47,350.25, High 47,676.95, Low 47,279.80 , Close 47,624.25. Banknifty form a Bullish engulfing candle.
Nifty:
- Market Prediction:ย The overall sentiment show towards a continuation of the positive trend. But market is waiting for theย RBI Interest Rate Decisionย which coming onย 5th April.ย After that it can give a good indication on which direction market move. Till next week market may not move much. We can do Bye on dip.
- Support and Resistance Levels:ย Support levels are placed at 22400, 22250, and 22100.ย 22300ย having strong support level. Resistance levels are at 22500, 22600.ย 22500 may act as strong resistanceย level till next week as per option chain and open interest analysis. Heavy call selling on the upper strike and less put selling.
- PCRย is atย 0.8ย indicate moderate bullish. Not much change compared to yesterday.
- FII & DII dataย showing Neutral to slightly Bearish
Bank Nifty
- Support and Resistance Levels:ย Support levels are placed at 47500, 47000.ย 47500ย having strong support level. Resistance levels are at 47600, 48000.ย 48000 may act as strong resistanceย level till next week as per option chain and open interest analysis.
- PCRย is atย 1.2 indicate moderate bullish.
- FII & DII dataย showing Neutral to slightly Bearish
Trading Strategy
Trading strategy that discussed on start of this weekย Bull Put strategyย giving profit of 1033/- on one lot now. I will update more if any adjustment is required.
Financial Disclaimer:ย This article is for informational purposes only and should not be construed as financial advice. Please consult a qualified financial advisor before making any investment decisions. The author and publisher are not responsible for any losses incurred as a result of using the information provided herein.
