NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 13 MAY 2020

Bulls shown good strength before closing Tuesday session, indices staged a sharp recovery after buying in the second half and the Nifty closed just below 9,200-level. The Sensex fell 190 points to 31371 while the Nifty was down 42 points at 9196 at close. Fast rising Covid-19 cases in India and the second wave of infections in multiple countries, including Wuhan in China, gave stock market bears enough ammunition to push benchmark indices lower on Tuesday. Weak global market mood also weighed on the market sentiment back home.
India’s Covid cases crossed 70000-mark with Mumbai and Delhi emerging as major hotbeds of the fast-spreading virus. The central Chinese city of Wuhan reported five new cases on Monday, casting doubts over efforts to lower coronavirus-related restrictions as businesses restart and individuals went back to work. The index formed a bullish candle on the daily scale and needs to hold above 9200 to extend gains towards 9250, and then 9300 -9500 zone. Overall setup and momentum is positive and a hold of recent zones could extend rally, while support exists at 9100 and then 9000 levels. It has been making higher top and higher bottom formation and supports are gradually shifting higher with medium term support at 8800. 

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Resistance: 9300, 9500

Support: 9100, 8800