Midnifty Intraday Analysis for 3rd April 2024

Apr 2

NIFTY_MID_SELECT

Maximum Call writing of 7.72 Lakh is at 10800 strike followed by 6.50 Lakh at 10700 Strike and Put writing of 11..05 Lakh at 10700 Strike followed by 8.51 Lakh at 1600 Strike. Index is closed above support level of 10730.


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

If Index is crossing above 10800 level and Call unwinding taking place at 10800 strike then the index may move near 10880 level. Trailing Stop Loss 10750.

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

Apr 3

Trade closed: target reached

Index tank below support of 10730 in first 15 minute opening but candle close near support of 10730 level then bounced to high near 10725 with close near 10800 resistance level despite the news of Earthquake in Taiwan and Good US Economic Data.