After an unexpected rally seen on last month with a Nifty Index gains about 33% from its 52 weeks low goes in vein today with a 6% negative seen on Nifty Futures. Nifty Indice closed at 9830 and opened with a gap down of 9418 now trading at 9250.
This shows a huge selling all around the stock booking profit. One thing a traders should focus on mathematics which i mean you could be a winner always if your calculation of profit booking sit on time. If someone have shortsell Nifty showing courage might have earned a hefty profit today. This is why trading needs a good calculation to win. Well for short term investor I could suggest just stay away from the market for the timing. Let the market settle before it start rallying upside.
Nifty strong support level will be around 9000 with an immediate support of 8800. These are the levels will play a major role for May Series. And the upside resistance would be around of 9900. I think Nifty may play around this level for this month. Incase the support levels breaches then we can see a huge downfall which is unknown to us for the timing.
As Long as Nifty is trading above 9200 is a good sign for bulls to go with long position for tomorrow and weekly expiry and the stoploss would be around 9199 for long position. Shorters can continue their short position for a target of 9000.