• Deepak

Index levels for 7 May 2020

Nifty Spot closed at 9270

Support - 9140 / 9090 / 8945

Resistance - 9390 / 9450

BankNifty Spot closed at 19694

Support - 19050 / 18675

Resistance - 19605 / 19960

View: - Gap down Open as per SGX Nifty, if we don't find any followup sell, we may try to move up again towards filling the gap created over night.

This view stays for a period till 18675 is not broken on Nifty Bank - Caution should be there when we reach 18675 level on BankNifty. It is a solid level breaking it may b difficult, but once it is broken then there can be much more or even retest of the March lows can happen on Bank Nifty. I would say if short exit around that level for once and review later.

Use proper risk management when you trade this view, it can go wrong as well, this is just a view before market opening, You can check with me before taking a trade on sell side in the discussion group.

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