At the beginning of the week, markets followed the previous week's trend and remained under pressure on Monday. On Wednesday, bulls put on a good show, as Nifty scaled above the 5900 mark on Wednesday. All the 13 sectoral indices on the BSE participated in the rally while the 30-share BSE index gained 2.25% and closed at 19697.
The uptrend may prevail and markets may cross the previous key psychological levels in the near term. Thus, we advise a sell on the April series 5800 strike put option one lot at Rs 1,700 with a view that investors will gain the entire premium if Nifty closes above 5800.
An unexpected rally in the markets may misguide. Sometimes markets are manipulated as on Wednesday. So better to use this rally as a chance to sell and be in cash.
NIFTY SUPPORT & RESISTANCE LEVELS FOR TODAY :-
RESISTANCE: It has first resistance close to the level of 5950 & above this level the next resistance is seen near the 6000 mark.
SUPPORT: It has first support close to the level of 5750 & below this level the next support is seen near 5695 mark
TRADE ADVICE TODAY :-
This is adviced not to day-trade today(15th April) because markets may not follow any technicals levels.
So better wait for next week for direction and don't put your hard-earned money into 2-days risk.
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