May 13,2020 Trade setup: Nifty looks directionless.

Thursday’s session is likely to see a stable start. The 9,445 and 9,500 levels will act as strong resistance on the higher side while supports will come in at 9,335 and 9,220 levels. Any down-move will widen the trading range.

Nifty has stayed in a defined range instead of coming down, showing a lot of indecisiveness. The market continues to face a lot of uncertainty, and this continues to keep our analysis on similar lines.

We advise traders not to chase the upsides, if any, and instead focus on protecting profits at higher levels. Nifty’s behavior against the 50-DMA at close and against the 9,450-9,500 zone should indicate where it goes from here

Nifty Bank (19635)-‘Technically there is a good chance that an up-move to 19732 as long as 18351 holds’ the Nifty Bank too opened with a bang and sold out and closed right near our target…technically now 1972 is a god pivot to work with…strong above and weak below…

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