Nifty 50 Intraday Trade setup for 8th June 2020
Updated
Good Morning sweet peoples,
NIfty was damn bullish since 28th may and give an awesome really in the upside, 1000 point is just 10 days. Question is Can we trust on this bull run or it's just a bull trap only for retail investors. Well, a downtrend has never ended in just 2-3 months. The average cycle of a downtrend is 9-10 months and we learn this from history. Nifty major supply zone is 10,400 to 10,550 and we must keep an eye on this level. Let's talk first about the key factors which can affect today's trade setup.
Key Factors
======================
1-Moody’s downgrading India’s rating recently, Any further downgrade will make India susceptible to flight of capital and leave its currency vulnerable.
2-India went past Italy to become the sixth worst-hit nation by the Covid-19 pandemic. India saw a record single-day jump of 10521 coronavirus cases and 297 deaths on Saturday, pushing the nationwide infection tally to 2,46,622 and the death toll to 6,646.
3-Banking system credit down almost 50% from a year ago, reflecting the impact of the nationwide lockdown imposed at the end of March.
4-The coronavirus pandemic, which has presented challenges for several nations, could be an opportunity for India to speed up the health insurance scheme Ayushman Bharat, especially with a focus on primary healthcare. Pharma sector is still bullish
5-SGX nifty has given a good really in upside on Friday after our market closed and made a new high 10352. Currently trading on 10234 which is still high and we are going to see a Gap Up Opening today.
6- US30 Aka Dow also made a new high in the last 2 trading sessions almost 1000 point rally.
7- Asian market also seems bullish.
8-Foreign institutional investors (FIIs) poured in Rs 13,927.52 crore in cash markets (equity) in the first week of June, which was higher than Rs 13,914.49 crore invested in the entire May.
Technical View
=======================
SGX Nifty
-------------------
Let's talk first about SGX nifty. Our Index has not much enough data because of limited trading sessions. SGX almost trading on its supply zone. look the Bellow picture
India 50
----------------
Nifty 50 Index
===================
Our Nifty Future trade in 2 places and I mentioned both of chart above. NIfty Major Resistance area is 10,420 to 10,550 and we must keep an eye on this level. The support zone is 9,602. The index is trading in an uptrend channel and the channel resistance area is also on 10,400 to 10,500.
Trade setup
====================
Due to a gap up opening, most of the levels are destroy here so we will our 15-minute range strategy for today's trade setup. Wait for a 15-minute mark high and low of the candle and set up your trade according to it.
Disclaimer: I am not a SEBI Registered Research Analyst and all the information provided here is for educational purposes Views are shared based on market research and study and personal in nature. Others can take different views and opinions.
Good Luck and Happy Trading
Virendra Pandey
NIfty was damn bullish since 28th may and give an awesome really in the upside, 1000 point is just 10 days. Question is Can we trust on this bull run or it's just a bull trap only for retail investors. Well, a downtrend has never ended in just 2-3 months. The average cycle of a downtrend is 9-10 months and we learn this from history. Nifty major supply zone is 10,400 to 10,550 and we must keep an eye on this level. Let's talk first about the key factors which can affect today's trade setup.
Key Factors
======================
1-Moody’s downgrading India’s rating recently, Any further downgrade will make India susceptible to flight of capital and leave its currency vulnerable.
2-India went past Italy to become the sixth worst-hit nation by the Covid-19 pandemic. India saw a record single-day jump of 10521 coronavirus cases and 297 deaths on Saturday, pushing the nationwide infection tally to 2,46,622 and the death toll to 6,646.
3-Banking system credit down almost 50% from a year ago, reflecting the impact of the nationwide lockdown imposed at the end of March.
4-The coronavirus pandemic, which has presented challenges for several nations, could be an opportunity for India to speed up the health insurance scheme Ayushman Bharat, especially with a focus on primary healthcare. Pharma sector is still bullish
5-SGX nifty has given a good really in upside on Friday after our market closed and made a new high 10352. Currently trading on 10234 which is still high and we are going to see a Gap Up Opening today.
6- US30 Aka Dow also made a new high in the last 2 trading sessions almost 1000 point rally.
7- Asian market also seems bullish.
8-Foreign institutional investors (FIIs) poured in Rs 13,927.52 crore in cash markets (equity) in the first week of June, which was higher than Rs 13,914.49 crore invested in the entire May.
Technical View
=======================
SGX Nifty
-------------------
Let's talk first about SGX nifty. Our Index has not much enough data because of limited trading sessions. SGX almost trading on its supply zone. look the Bellow picture
India 50
----------------
Nifty 50 Index
===================
Our Nifty Future trade in 2 places and I mentioned both of chart above. NIfty Major Resistance area is 10,420 to 10,550 and we must keep an eye on this level. The support zone is 9,602. The index is trading in an uptrend channel and the channel resistance area is also on 10,400 to 10,500.
Trade setup
====================
Due to a gap up opening, most of the levels are destroy here so we will our 15-minute range strategy for today's trade setup. Wait for a 15-minute mark high and low of the candle and set up your trade according to it.
Disclaimer: I am not a SEBI Registered Research Analyst and all the information provided here is for educational purposes Views are shared based on market research and study and personal in nature. Others can take different views and opinions.
Good Luck and Happy Trading
Virendra Pandey
Trade closed manually
Our today Trade setup was based on 15 minute candle high and low. Index has given an awesome move on first 15 minute candle low and make a new low in Intraday. Hope you guys has made good money there.
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