Nifty 50 Intraday Trade Setup for 19th may 2020
Good Morning Everyone,
Hope you guys has made good money yesterday. Our sell level come in first 10 Minute and Index has given an awesome move in downside. Index down move more then 3.43% in a single day which can count huge dump in Intraday day. Now question is It will be continue today? Lets see what key Factor is going to affect to our Market.
Key Factors
==========
1- SGX is trading on 8969 which is above more then 183 Point up from previous closing.
2-Drugmaker Moderna Inc said its experimental COVID-19 vaccine showed promising results in a small early-stage trial.
3-Investors lost by Rs 3 lakh crore in terms of market capitalisation on the BSE. The average market capitalisation of the BSE-listed companies dropped from Rs 122.66 lakh crore on May 15 to Rs 119 lakh crore on May 18.
4-the stimulus package announced by the government was not seen as adequate considering the demand destruction in the economy, what really did maximum damage was the suspension of the bankruptcy norms for one year, which instantly multiplies the bogey of bad loans that the financial system is facing.
5: Banking Stocks Bleed As New Bankruptcy Cases Suspended For One Year
Banks shares slumped after the government on Sunday said insolvency proceedings against fresh defaulters would remain suspended for up to one year and Covid-19-related debt would be excluded from the definition of default.
6- Crude Oil is strong and giving a steady strength.
Technical View
==============
Resistance : Yesterday Nifty Break their key support ( 9000) and manage to sustain lower then it . We can see a short covering today and Index about to open gap up and this level is Important again but this time it will be a resistance Area in Intraday. Key Resistance is still on 9900
Support : Intraday support is on 8750 and key support is on 8200-8090 (As per Harmonic Prz ) .
Trade Setup
=================
Long : Long Position can build if Index sustain above 9050.
Short : Short is tricky and there is 2 Levels .
A : Index is about to open gap up and might be take their resistance on 9000. Risky Traders can short from top with a tight Stop Loss.
B: Second Sell Position if Break yesterday Low which is 8800
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 guys has made good money yesterday. Our sell level come in first 10 Minute and Index has given an awesome move in downside. Index down move more then 3.43% in a single day which can count huge dump in Intraday day. Now question is It will be continue today? Lets see what key Factor is going to affect to our Market.
Key Factors
==========
1- SGX is trading on 8969 which is above more then 183 Point up from previous closing.
2-Drugmaker Moderna Inc said its experimental COVID-19 vaccine showed promising results in a small early-stage trial.
3-Investors lost by Rs 3 lakh crore in terms of market capitalisation on the BSE. The average market capitalisation of the BSE-listed companies dropped from Rs 122.66 lakh crore on May 15 to Rs 119 lakh crore on May 18.
4-the stimulus package announced by the government was not seen as adequate considering the demand destruction in the economy, what really did maximum damage was the suspension of the bankruptcy norms for one year, which instantly multiplies the bogey of bad loans that the financial system is facing.
5: Banking Stocks Bleed As New Bankruptcy Cases Suspended For One Year
Banks shares slumped after the government on Sunday said insolvency proceedings against fresh defaulters would remain suspended for up to one year and Covid-19-related debt would be excluded from the definition of default.
6- Crude Oil is strong and giving a steady strength.
Technical View
==============
Resistance : Yesterday Nifty Break their key support ( 9000) and manage to sustain lower then it . We can see a short covering today and Index about to open gap up and this level is Important again but this time it will be a resistance Area in Intraday. Key Resistance is still on 9900
Support : Intraday support is on 8750 and key support is on 8200-8090 (As per Harmonic Prz ) .
Trade Setup
=================
Long : Long Position can build if Index sustain above 9050.
Short : Short is tricky and there is 2 Levels .
A : Index is about to open gap up and might be take their resistance on 9000. Risky Traders can short from top with a tight Stop Loss.
B: Second Sell Position if Break yesterday Low which is 8800
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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