May 20, 2020, Trade Plan-Nifty50 likely to see positive start

In a classic demonstration of total lack of strength at higher levels, the domestic equity market again failed to capitalise on the gap-up opening it had on Tuesday.

Wednesday’s session is again likely to see a stable start. The 8,930 and 8,990 levels will act as key resistance points, while supports will come in at 8,795 and 8,715 levels.

The market is likely to remain vulnerable to selling pressures from higher levels. We advise traders to remain vigilant in the event of any technical pullback and keep protecting profits at higher levels while avoiding excessive exposures at current levels.

Nifty Bank (17486) There exists support at 17338- 17000 zones in the vicinity…stiff resistance exists at 18351’ the Nifty Bank opened in the green and sold off to close in the red…technically 17368 is strong support and so a technical bounce ahead of the weekly expiry is not ruled out…16900 could be the next support… stiff resistance exists at 18351…
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