NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 26 MAY 2020

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Through the last week, the Nifty recovered close to 370 points from its last Monday’s low of 8806. But the indices pared some of its gains to close at 9039 on Friday after the Monetary Policy Committee cut repo rate by 40 basis points in a second emergency move, citing “severe” impact of the virus outbreak on the Indian economy. The Indian markets will open tomorrow on 26 may 2020, and on opening, they will adjust to a global trade setup that will transpire on Monday 25 may 2020. In any case, however, no significantly wild opening on the higher side is expected. This week will see the levels of 9160 and 9240 acting as overhead resistance points.

The supports will come in at 8960 and 8850 levels. Any move on the downside is likely to make the trading range wider than usual. There are clear signs of weakness at higher levels when observing the lower time frame charts of the Nifty. The bulls managed to protect the 9000-mark on the Nifty after falling briefly below that level on Friday. As we move into the truncated week, we believe the range of 8800 -9350 will be critical. For the bulls, upper level of descending triangle and the 89-day exponential moving average act as a very strong resistance. It will be difficult to predict which way markets are headed until we see a decisive break on either side of the range.
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Resistance: 9350, 9500

Support: 8960, 8850