05.06.2020 Friday, 8.39 am 

Hi Readers

What has happened on Yesterday? Nifty Index as expected opened on a flat note and made a high point at 10123.85 which was our first level resistance i.e.,10085-10120, thereafter, as expected the profit booking cum sell-off dragged the Index till our support level 9945, made a low at 9944.25, further the volatile move due to weekly option expiry once again lifted the Index to 10040 and closed the day at 10029.10 on a negative bias.

What will happen today? Nifty Index may open on a flat note to test on lower side 10010-9980, if trade and sustain below 9980 then, it may test 9945-9890-9845-9805-9775-9705. Likewise, the immediate resistance seen at 10045-10085, if trade and sustain above 10085, it may test 10125-10180-10215-10260-10295-10335.

Special Mention: The Nifty Index unable to surpass yesterday, 10176, as written the sell-off continued till 9945, I have written the sell-off may test 9900-9800 levels very soon, today watch 9945-9890 any weakness cum sell-off may drag the Nifty Index till 9800-9700 in the near term. Though, the Index closed above 9970 for three consecutive trading sessions, but any further upmove only to break above 10176 else, the Index may trade with consolidation between 10176-9800 for time being, any fresh direction only either of these ranges broken, if break 10176-10200 on the higher side, may pave the way to test 10300-10550, at the same time if, break below 9800 then, it  may test 9700-9550 levels in the near term, let us wait and watch how it trades today at 10k mark.

Trading Strategy: The Investor/trader may start to invest once again at 9800-9500 level in the Nifty index, for short term perspective to gain 10-15% in Nifty 50 stocks. This 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. 

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