Nifty Outlook 08th April 2020

Trade setup: Nifty50 likely to extend technical pullback

Indian equity market staged a strong relief rally on Tuesday. NSE Nifty made a healthy start to the day and continued to add gains as the session progressed. The benchmark index finally settled with a massive gain of 708.40 points or 8.76 per cent at 8,792.20.

Some more short covering could take it higher to 9000-9148-9383 is not ruled as long as 8522 holds… Nifty still needs to confirm it by moving past and sustaining above the 9,050 level. The behavior of the index against this level would be extremely crucial to watch out for in the coming days.

Volatility Index or India VIX cooled down further by 6.33 per cent to 51.80. Wednesday’s session is likely to see a positive start and the extension of the technical pullback. The 8,885 and 9,000 levels will act as resistance, while the support may come in at 8,710 and 8,590.

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