Nifty Weekly Expiry day analysis for 30th April 2020
Hey Everyone,
Hope you all are doing good. Yesterday was an awesome day if we talked about for our analysis. 9450 was a perfect buy levels and I hope you guys has made good money in Nifty. Today scenario is for a gap up Opening and we can see a 140-170 point gap up Opening. Gap up always destroy the previous levels and data. Nifty is still trading on the top of resistance 9800 to 9960 this all range is a supply zone so be careful in buying side specially in future and option buying. These levels come from lot of calculation and I don't think that nifty is going to cross 9850-900 since are about to open a gap up/
Key factors
============
1- Nifty future trading on 9705 on SGX NIFTY it's almost 1.84% from previous day..
2 - Crude Oil is still weak
3-Metals and financial sectors is strong and they are the reason for current really.
4- Dow and us stocks jumped on Wednesday on hopes of potential corona virus drug..
5- us GDP in the first quarter contracted 4.8%, compared with estimates of a 3.5% drop ( Negative)
6-European and Asian Market is closed on a flat note on Wednesday.
Let's see how these factors will affect in our Market
Technical View for Today
--------------------------------------
A : Nifty Break the 9500 resistance area and manage to closed above on it now this resistance convert as a support for Intraday. Major Resistance area and supply zone is 9970-1000. There is a gap also which come on 19th march. Might be Index gonna to fill it.
B : Nifty Intraday Support is on 9400 and key support is on 8850
Intraday Trade Setup
==========================
Buy : Well I do not feel comfortable in Buying side and avoid trading in future for trading session. will start to sell 9800-9900 CE for today Expiry..
Sell : Sell if Index break 9400 Levels which is Impossible for today.
Conclusion
================
Index might be choppy because of Expiry and we prefer options selling . 9400 and 9800 looks good and both will be zero for today so hedge your positions and be safe...
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 the different view and opinions.
Good Luck and Happy Trading
Virendra Pandey
Hope you all are doing good. Yesterday was an awesome day if we talked about for our analysis. 9450 was a perfect buy levels and I hope you guys has made good money in Nifty. Today scenario is for a gap up Opening and we can see a 140-170 point gap up Opening. Gap up always destroy the previous levels and data. Nifty is still trading on the top of resistance 9800 to 9960 this all range is a supply zone so be careful in buying side specially in future and option buying. These levels come from lot of calculation and I don't think that nifty is going to cross 9850-900 since are about to open a gap up/
Key factors
============
1- Nifty future trading on 9705 on SGX NIFTY it's almost 1.84% from previous day..
2 - Crude Oil is still weak
3-Metals and financial sectors is strong and they are the reason for current really.
4- Dow and us stocks jumped on Wednesday on hopes of potential corona virus drug..
5- us GDP in the first quarter contracted 4.8%, compared with estimates of a 3.5% drop ( Negative)
6-European and Asian Market is closed on a flat note on Wednesday.
Let's see how these factors will affect in our Market
Technical View for Today
--------------------------------------
A : Nifty Break the 9500 resistance area and manage to closed above on it now this resistance convert as a support for Intraday. Major Resistance area and supply zone is 9970-1000. There is a gap also which come on 19th march. Might be Index gonna to fill it.
B : Nifty Intraday Support is on 9400 and key support is on 8850
Intraday Trade Setup
==========================
Buy : Well I do not feel comfortable in Buying side and avoid trading in future for trading session. will start to sell 9800-9900 CE for today Expiry..
Sell : Sell if Index break 9400 Levels which is Impossible for today.
Conclusion
================
Index might be choppy because of Expiry and we prefer options selling . 9400 and 9800 looks good and both will be zero for today so hedge your positions and be safe...
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 the different view and opinions.
Good Luck and Happy Trading
Virendra Pandey
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