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9971900635 – Daily Market Report 06-05-2020

We have seen short covering in Nifty May fut in today’s trading session, after a flat opening Nifty fut witnessed short covering & made the high of 9373.00 then some selling pressure seen & closed at 9280.70. Fresh call writing is seen at 9500 & 10000 strikes, fresh put writing is seen at 9200 & 9100 strikes. Now Immediate support is at 9000 & next support is at 8500, immediate resistance is at 9500 & second resistance is at 10000 as per Nifty May series option’s data.

Today’s Top gainers in Nifty 50 are BAJFINANCE, M&M & GAIL. Today’s Top losers in Nifty 50 are INFRATEL, ITC & COAL INDIA. Today’s best performing sectors are NIFTY PVT BANK & NIFTY FIN SERVICE. Today’s worst performing sectors are NIFTY PSU BANK & NIFTY FMCG. Today short covering is seen in nifty fut with good volume, closed just above the short term moving average line. Last bottom on daily chart is 9115 & today low is 9125 so we can say that according to dow theory the secondary trend is still up & any close below 9115 level will increase further selling & below that level we will see the levels of 8600 & even 8000. For upside move nifty has to close above 9400 mark above this level nifty will move towards 9700 & 9850.Trend deciding level for tomorrow is 9380.

Now resistance is placed in the range of 9700-9900 & support is placed in the range of 9150-9000.

This content is only for the educational purpose for ICFM Students. This content cannot be considered as a buying or selling recommendation.

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