Midnifty Intraday Analysis for 4th April 2024

Apr 3

NIFTY_MID_SELECT


Maximum Call writing buildup of 11.36 Lakh is at 10800 strike followed by 6.66 Lakh at 10700 Strike and Put writing of 12.55 Lakh at 10700 Strike followed by 10.30 Lakh at 10800 Strike. Index is closed above support level of 10800.


Index is expected to trade between 10700 - 10880 level with resistance near 10800 level.

If Index is crossing above 10830 level and Call unwinding taking place at 10800 strike then the index may move near 10880 level. Trailing Stop Loss 10790.

Contra Long position may be initiated if Index comes near 10700 level with Trailing Stop Loss 10680.

Apr 4

Trade closed: stop reached

Gap up opening near 10900 level and index traded in narrow range and faced resistance near 10880 level as anticipated with close near 10825 level. No trade initiated.