NIFTY WEEKLY OUTLOOK & OPTION CALL PUT TIPS FOR 13 APRIL TO 17 APRIL 2020

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WEEKLY RESISTANCE FOR NIFTY: 9200, 9500,9700

PIVOT POINT: 9000

WEEKLY SUPPORT FOR NIFTY:  8700, 8500, 8300

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 9100, 9200, 9300
PIVOT POINT: 8950

DAILY SUPPORT FOR NIFTY:  7900, 7800, 7700
DAILY CHART FOR NIFTY

Nifty and Sensex snapped a seven-week losing streak, jumping about 13% in three sessions to Thursday. The indices recorded their best week since May 2009 and closed at three-week highs. As Monday market was closed on accounts of Mahavir jayanti , trading for the week started from Tuesday. Tuesday 7 April 2020 belongs to bulls. Before closing the market nifty hits the upper circuit.   Market is largely being driven by developments on the coronavirus front. A sustainable recovery would happen only when the cases start to recede in India and lockdown is eased gradually. Due to weak global cues market indices shown weakness in the last `hours of trading session in Wednesday, after some respite in Tuesday & Wednesday’s morning session. The Sensex traded above 29800 levels, with a cut of over 200 points while the Nifty was back below the 8750 level after surging as high as 9131 earlier iin the session.  The Sensex ended 170 points lower at 29893 while Nifty slipped to 8748. Banknifty slipped 116 points to 18946. Friday market is closed on accounts of Good Friday.
NIFTY: A STRONG SUPPORT WILL BE @ 8500; STRONG RESISTANCE LEVEL SEEN @9500

Looking at the colossal rally of more than 13% on a weekly basis, who would believe that it was a truncated week and in merely 3 trading sessions, the Nifty is convincingly beyond 9000. As far as the coronavirus pandemic is concerned, in reality, we are still not out of the woods yet. But market mostly moves on hope or anticipation, this is clearly one of those instances. Practically, the major impact of this epidemic has already been discounted by markets across the globe in last few weeks and there was just a small ray of hope needed to rebound sharply from extreme oversold or under owned situations. With this, previous Friday’s decline becomes a bear trap as we are significantly off lows now before anyone could realise.

TECHNICALLY SPEAKING.

Technically speaking, the Nifty has now managed to surpass the ‘20-day EMA’ for the first time since 24th February. Since there was a complete broad based participation in this move, it can be considered as a robust one. Looking at the way charts are shaped up, we will not be surprised to see this rally getting extended towards 9400-9800 over the next few days. However, one must not forget that the recent crisis is related to ‘Health’ and hence, it would be important to see further developments with respect to coronavirus over the weekend. If no aberration seen then the above mentioned levels are very much on cards. On the flipside, 8700 followed by 8500 would be seen as key supports. Traders are advised to keep booking timely profits on a regular basis.