Saturday, April 4, 2020

NIFTY WEEKLY OUTLOOK & OPTION CALL PUT TIPS FOR 7 APRIL TO 10 APRIL TO 2020

FOR LIVE MARKET TRADING TIPS IN NIFTY OPTION BANKNIFTY OPTION STOCK OPTION CALL PUT WHATSAPP DETAILS ON 9039542248

WEEKLY RESISTANCE FOR NIFTY: 8500, 9000,9500
PIVOT POINT: 8000
WEEKLY SUPPORT FOR NIFTY:  7500, 7000, 6500
WEEKLY CHART FOR NIFTY


















DAILY RESISTANCE FOR NIFTY: 8200, 8300, 8400
PIVOT POINT: 8050
DAILY SUPPORT FOR NIFTY:  7900, 7800, 7700
DAILY CHART FOR NIFTY
Manic Monday Market indices were not having a good start of the week. Sensex tanks over 1000  points to close at 28440 & Nifty gone below 8300-mark to close the day at 8281. bears ran riot with coronavirus cases rising in India and abroad, taking lives and forcing businesses to shut down. Along with that a ceaseless dumping of stocks by the foreign investors is also weighing on investor sentiments. Tuesday was the day for bulls. Stock market bulls marched on Dalal Street with heads held high on the last trading day of fiscal year FY20 as relatively better factory output data from China supported the investor sentiment. Some support also came from the report that the government has put off implementation of the uniform stamp duty on transfer of capital market instruments to July 1, 2020. sensex today closed 1028 points higher at 29468, while Nifty rose  316 points to close at 8597. The see-saw battle between the bears and the bulls continued on Dalal Street with the former dominating Wednesday’s session amid a rise in coronavirus cases in India. Worries surrounding a sharp drop in GDP growth rate also hit investor sentiment on Dalal Street. India has reported a sharp rise in new coronavirus cases in the last couple of days, indicating a community transmission. The country has reported nearly 1,400 confirmed cases of Covid-19 including 35 deaths and 123 discharged patients. The Sensex tanked 1203 points to 28265 & Nifty dropped 344 points to 8254. Thursday market was closed on occasion of ramnavami. Friday market continued downward trend, the market settled with over 2 % loss on week ended Friday as coronavirus (Covid-19) cases showed no signs of abating. Global confirmed cases surpassed 1 million on Thursday with more than 52000 deaths. Back home, an ongoing 21- day lockdown has already brought the economy to a standstill. The Sensex ended at 27591, down 674 points, while the Nifty index ended at 8084, down 170 points.
NIFTY: A STRONG SUPPORT WILL BE @ 7500; STRONG RESISTANCE LEVEL SEEN @8500
Let see how things shape up on the global front now. If we see the relief move getting extended in global markets, we would see some extension of this week move in our markets. For the coming session, 7500-7000 remains to be a key support; whereas on the higher side, 8500-9000 is the level to watch out for. If Nifty has to continue some relief move, the Nifty needs to surpass this hurdle convincingly to head towards 9500.
TECHNICALLY SPEAKING.
 Nifty, Sensex were still under the attack of bears. . For the next week, 7800 will be seen as crucial support on closing, below which the next support will be seen around 7500. Hence, if we see some negative opening in the next week, the follow-up move post opening will be important to determine the near term move. On the higher side, 8500-8700 has become a crucial resistance for the index for the near term. Looking at the current market swings, we continue with our advice for traders to avoid aggressive bets and trade with a proper exit strategy.



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