22.05.2020 Friday, 8.30 am 

Hi Readers

What has happened yesterday? Nifty Index as expected opened on a flat note by taking the support at 9056 which was our support zone i.e. 9060-9030 thereafter, the non-stop move lifted the Index beyond our resistance 9155, made a day high at 9178.55, the late hour volatility with sell-off dragged again till 9078 and closed the day at 9106.25 on a positive note.

What will happen today? Nifty Index may open on a negative note with a gap down by tracking the global indices to test 9040-8990, if trade and sustain below 8990 then, it may re-test 8950-8895-8850-8810-8755-8705. Likewise, the immediate resistance seen at 9080-9105, if trade and sustain above 9105 then, it may test 9145-9160-9190-9230-9280-9320-9350. 

Special Mention: Yesterday, the Nifty Index though it crossed above 9060-9160 level on Intraday basis, but unable to close above 9160, the sell-off dragged from 9178, watch today 9040, any weakness below 9040 if sustain and trade below then, it may move till 8950-8800 levels, any close below 8800 for three conseuctive trading sessions, the Index may test 8700-8565-8425 levels in the near term. At the same time, the Nifty Index must close above 9160, to test 9280-9350 levels else, it may trade in a range between 8800-9200 for some more trading sessions. 

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. 

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.