Nifty 50

Nifty50 Index Current price: 9859.9

The Nifty50 has rallied +30% from the march low of 7550 and +18% since our last post on 25.03.2020. The Nifty is currently in a supply zone between 9500 and 9850 and its 50 day moving average. The index could see a few negative sessions. There is likely to buying interest between 9300 and 9400. This is -5.5% from the current price.

For this rally to continue, the Nifty has to necessarily close above 9350. On the upside, resistance level is between 10,300 and 10,700. A close below 9350 could be bearish

for the index and in the event of a further fall in prices, 8100 to 8500 is likely to form a strong support area. In the event that the downtrend in prices continues, it is unlikely that prices may fall below the March lows in the medium term. It is more likely that prices may consolidate in a range below 9850 before the next move.