19.05.2020 Tuesday, 8.37 am 

Hi Readers

What has happened yesterday? Nifty Index as expected opened on a flat note, made a open and high at 9158.30 thereafter, the Index moved down throughout the day and tested till our support level i.e 8815, made a low 8806.75 and closed the day at 8823.25 on a negative bias.

What will happen today? Nifty Index may open on a positive note with gap up by tracking global indices to test 8990-9043, if trade and sustain above 9043 then, it may re-test 9095-9155-9195-9240-9295-9350. On the other hand, the immediate support lies at 8940-8865, if trade and sustain below 8865 then, it may test 8805-8755-8710-8660-8620. 

Special Mention: As  written in earlier updates, the Nifty Index if moves below 9040  then, it may test 8800-8600 levels, yesterday the Index tested 8800 levels and closed well below 9040, watch this level today, any close below 9040, today and tomorrow may drag the Index till 8600-8400 levels in the near term. At the same time any close above 9060 for three consecutive trading sessions may take the Index till 9220-9350 very soon. The global rally happened/happening, based on the data from an early-stage trial for a coronavirus vaccine lifted hopes for a near-term economic recovery, sending global equity markets and oil prices surging, we should wait and watch for further developments.

Trading Strategy: The Investor/trader may invest once again at 9000-8800 levels, when the Nifty Index trading these ranges in Nifty50 stocks for short term perspective for 10-15% return, it is a traders market, to trade for short term gains, rather to wait for long term basis. The covid19 impact is difficult to measure on the economy in this juncture, must wait for another 2-3 months till then we must wait and watch the further developments. In Nifty Futures any buy on dips 9000-8800 levels, if any one tried book profit 9040-9200 levels. 

For time being, the Index bottemed out at 7500 levels unless, any unexpected worse thing happens in the near term, till then this level may act as a strong support. Please refer our earlier Nifty Special Bulletin dated: 28th Feb'20, 16th Mar'20 and 29th March'20, to read our special bulletin please click this link: https://www.niftytech.in/marketupdate/54

Further details please do call us on 98410 48022 or contact thro' whatsapp: 99624 70636. Please read carefully, the Disclaimer published on the Disclaimer page. Wishing you for a safe and secured trading.