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May 18, 2020 Trade Plan-Chasing any pullback not advised,NIFTY structure looks fragile.

Volatility index India VIX declined marginally by 0.43% to 38.0775. The Finance Minister's second round of stimulus has failed to enthuse the market, as it is perceived the doleouts be a largely good long-term measure without any hope of addressing the problems troubling the economy in the near term. In any case, few pullbacks can be expected, but they will remain capped at higher levels.

Nifty is likely to see a tentative start to the week on Monday. The 9,190 and 9,245 levels will act as key resistance, while supports will come in at 9,050 and 9,000 levels

All in all, the market remains in a no-trade area, more so when it is not exhibiting a convinced directional bias. The technical setup remains weak. And the market will continue to show a negative bias. All pullbacks, if any, will face selling pressure at higher levels. We reiterate refraining from taking aggressive long positions or making any attempt to chase a technical pullback or making purchases at lower levels.

Nifty Bank (18834) Now 18351 is a possibility and stiff resistance exists at 19732’ the Nifty Bank weak as expected and has closed in the red… technically 18351 is a possibility and stiff resistance exists at 19042…
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