May 12, 2020 Trade Plan-Profit taking expected at any Up move, NIFTY Looking Weak.

On Tuesday, Nifty is likely to see a stable start with the 9,275 and 9,330 levels acting as strong key resistance points. Support will come in at 9,200 and 9,105 levels.

Nifty (9239) ‘Technically 8981 is still possibility & stiff resistance exists at 9400’

There was a modest decline in volatility as it cooled off 0.96% to 38.0375. As volatility remained low, showing some intermediate complacency, it is not an encouraging sign for the market in the immediate short term.

All in all, the analysis for Tuesday’s session is no different. Modest up-moves can be expected in the market again in the form of mild technical pullbacks. However, one should not chase any such moves as long as Nifty trades below 9,500 level, as such up-moves will remain susceptible to bouts profit-taking at higher levels.

Nifty Bank (18951) ‘Technically 19042-18351 is still possible and stiff resistance exists at 20000’ the Nifty Bank too opened in the green and sold off and achieved our target of 19042 to close in the red…technically now 18351 is possible… stiff resistance exists at 19732…
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