At the Lower level the Index formed a Bullish Engulfing near the Support level from which indicated a positive move which led the market move near its resistance zone, At the resistance zone selling came which has led the price to retrace. The move in the downside is not that intense compared to the upside move.

As the move is expected to be a retracement move the Index can retrace till 0.50%, Index moving beyond the mentioned will be a cautious sign for the buyers.

Currently the Index has taken support at 0.236% and the 10day EMA stands at the same levels, this level can be a strong support for the Index.

Buying the Index above the previous high would be recommended.

Option Traders can Sell 16000 Call and Buy 16200 Call.

NASDAQ 100

Apr 03 2022