20.05.2020 Wednesday, 8.33 am 

Hi Readers

What has happened yesterday? Nifty Index as expected opened on a gap up and moved till our resistance zone i.e 8990-9043, made a day high at 9035.35, thereafter, the profit booking cum Intra sell-off dragged again throughout the day with volatile move and tested our support level i.e 8865, made a low 8855.30 and closed the day at 8879.10 on a positive note.

What will happen today? Nifty Index may open on a flat to positive note to test 8920-8965, if trade and sustain above 8965 then, it may test 9005-9040-9075-9105-9150-9195-9240-9295. Likewise, the immediate support lies at 8855-8810, if trade and sustain below 8810 then, it may test 8755-8710-8660-8620-8565. 

Special Mention: As written yesterday, if the Nifty Index if moves below 9040 and closes below three consecutive trading sessions it may test 8600-8400 levels, yesterday also the Index closed well below 9040, watch 8800 level today, any weakness below 8800 with sell-off, then 8600-8425 levels are possible in the near term. At the same time any close above 9060-9160 for three consecutive trading sessions may take the Index till 9220-9350 very soon.

Trading Strategy: The Investor/trader may invest once again at 8800-8400 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 8800-8600 levels to book profit 8900-9040 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.