Nifty 50 Intraday Trade Setup for 20th may 2020
Good Morning Everyone.
Hope you guys doing good and making good money from the Market. Yesterday we have seen a short covering tho a gap up :P after that Index trade in a wide range. Upside Area is 9030 and down side level is 8855. Now question is what about today ? I think before the expiry we can see a choppy market about to manage the call and put price differences. Let's Talk about the key Factors.
Key Factor
================
1- SGX Trading 27 up from previous closing so we are gonna to see a flat Opening in nifty 50 Index.
2-Today is the 57 day of India’s nationwide lock down, meant to curb the novel corona virus pandemic. The lock down has been extended till May 31. Many restrictions have been eased, especially in non-containment zones, according to the new guidelines.
Confirmed COVID-19 cases in India stand at 1,01,139. The death toll from the outbreak in India is at 3,163. Maharashtra, Tamil Nadu, Gujarat and Delhi have reported the highest number of cases
3-On Tuesday, market participants seemed skeptical about the longevity of the up-move. Telecom, PSU, Auto and FMCG indices gained, while PSU Banks index fell, reflecting increased caution on asset quality after the government suspended the IBC mechanism for a year on Sunday.
4- Crude Oil is steady and Strong.
5-the Dow Jones Industrial Average was down 136.92 points
Technical View
=================
Resistance : NIfty break their key support on 18th May and give a good move in downside now this support role change and becoming a resistance in today Intraday. Nifty Major Resistance is still on 9900
Support : 8800 is the support level for Intraday and Key support is on 7670. which is come from Harmonic Pattern
Option chain data
========================
Call Option chain data : Maximum call OI of 14.95 lakh contracts was seen at 9,300 strike, which will act as crucial resistance in the May series.
This is followed by 9,000, which holds 12.89 lakh contracts, and 9,400 strikes, which has accumulated 9.95 lakh contracts.
Put Option chain data : Maximum put OI of 22.02 lakh contracts was seen at 9,000 strike, which will act as crucial support in the May series.
This is followed by 8,500, which holds 21.17 lakh contracts, and 8,800 strikes, which has accumulated 11.05 lakh contracts.
Max Pain level for weekly Expiry is : 9200
Trade Setup
==============
In Intraday you can build long above 8960 sl : 8900
Short Position is can build Lower then 8800 sl : 8880
Disclaimer: I am not a SEBI Registered Research Analyst and all the information provided here is for educational purposes Views are shared based on market research and study and personal in nature. Others can take the different view and opinions.
Good Luck and Happy Trading
Virendra Pandey
Hope you guys doing good and making good money from the Market. Yesterday we have seen a short covering tho a gap up :P after that Index trade in a wide range. Upside Area is 9030 and down side level is 8855. Now question is what about today ? I think before the expiry we can see a choppy market about to manage the call and put price differences. Let's Talk about the key Factors.
Key Factor
================
1- SGX Trading 27 up from previous closing so we are gonna to see a flat Opening in nifty 50 Index.
2-Today is the 57 day of India’s nationwide lock down, meant to curb the novel corona virus pandemic. The lock down has been extended till May 31. Many restrictions have been eased, especially in non-containment zones, according to the new guidelines.
Confirmed COVID-19 cases in India stand at 1,01,139. The death toll from the outbreak in India is at 3,163. Maharashtra, Tamil Nadu, Gujarat and Delhi have reported the highest number of cases
3-On Tuesday, market participants seemed skeptical about the longevity of the up-move. Telecom, PSU, Auto and FMCG indices gained, while PSU Banks index fell, reflecting increased caution on asset quality after the government suspended the IBC mechanism for a year on Sunday.
4- Crude Oil is steady and Strong.
5-the Dow Jones Industrial Average was down 136.92 points
Technical View
=================
Resistance : NIfty break their key support on 18th May and give a good move in downside now this support role change and becoming a resistance in today Intraday. Nifty Major Resistance is still on 9900
Support : 8800 is the support level for Intraday and Key support is on 7670. which is come from Harmonic Pattern
Option chain data
========================
Call Option chain data : Maximum call OI of 14.95 lakh contracts was seen at 9,300 strike, which will act as crucial resistance in the May series.
This is followed by 9,000, which holds 12.89 lakh contracts, and 9,400 strikes, which has accumulated 9.95 lakh contracts.
Put Option chain data : Maximum put OI of 22.02 lakh contracts was seen at 9,000 strike, which will act as crucial support in the May series.
This is followed by 8,500, which holds 21.17 lakh contracts, and 8,800 strikes, which has accumulated 11.05 lakh contracts.
Max Pain level for weekly Expiry is : 9200
Trade Setup
==============
In Intraday you can build long above 8960 sl : 8900
Short Position is can build Lower then 8800 sl : 8880
Disclaimer: I am not a SEBI Registered Research Analyst and all the information provided here is for educational purposes Views are shared based on market research and study and personal in nature. Others can take the different view and opinions.
Good Luck and Happy Trading
Virendra Pandey
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