OPTION CALL PUT TIP FOR 24 APRIL 2020

MINDTREE CAN BE MINDBLOWING TOMORROW

BUY DLF 145 CALL @ 3 TARGET 4.8-5

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Bulls continued their winning run and took nifty above 9300 mark. Market extended the opening gains on Thursday backed by a rally in banks, financials and IT stocks. Sensex zoomed 483 points, to 31863, while Nifty was up 126 points at 9,313 at close. The government on Wednesday held another meeting of the Cabinet but the wait for a much-anticipated relief package to prevent large-scale job losses and rebuild the economy, devastated by the Covid-19 pandemic and a nation-wide lockdown, just got longer. Briefing media after the Cabinet meeting, information and broadcasting minister Prakash Javadekar said the economic package will be announced as and when it’s ready.

We expect market would remain volatile in the near term. The index formed a bullish candle on the daily scale and needs to hold above 9300 to extend gains towards 9375, and then 9450 -9500 zone. Overall setup and momentum is positive and a hold of recent zones could extend rally, while support exists at 9150 and then 9000 levels. It has been making higher top and higher bottom formation and supports are gradually shifting higher with medium term support at 8800. 

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Resistance: 9375, 9500

Support: 9150, 8800