Bulls legs shaken on the 1st trading session of May month. Market lost 4 days winning spree as the tension is rising between US-China over coronavirus. Market indices slipped nearly 6% on 4 may 2020. At close, the Sensex was down 2002 points at 31715, and the Nifty was down 566 points at 9293. Nifty went near 9900 mark on last Friday as it made a high of 9889.
The Nifty closed the day below 3300 and formed a bearish candle on daily chart, as the closing was lower than the opening value. if it slips into some sort of multi-days downtrend, then corrective swing would get extended into the 9200–9000 zone. For the time being, strength in the index shall not be expected unless it closes above 9500 levels. Traders should avoid long positions and look for some signs of stability around 9600 whereas existing shorts should be squared off if the Nifty fails to close below 9300 in the next trading session.
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Resistance: 9500, 9900
Support: 9200, 8800
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Deletewill market recover tomorrow ?
ReplyDeletemarket will remain volatile in the may month sir, now a days market in only reacting on basis on corona news. it is affecting indian as well as other asian market
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