Nifty Intraday Trade Setup for 11th May 2020

11 мая 2020 г.Good Morning everyone,

Hope You guys having fun in this lock down :P Last 2 week have seen mix movement . Index has made high 9889 and not sustain this level and fallen from their physiological barrier near 10000. if I talk about last week then Index trade most of days in a narrow range. specialty last 2 trading session Thursday and Friday. This range is most Important for today Trade setup . Index will give momentum if this range break ... Lets see what is the key factors for today Intraday and what is our technical view for today.

Key Factors
====================
1- SGX trading 45 points from last Trading session so we might be see a 30-40 Gap up today.
2- Crude is near our Harmonic PRZ and can be sleep from this level.
3-Market will continue to monitor the extent of the spread of coronavirus infections, March quarter earnings and government's next step regarding the stimulus going into new week.
4-US stocks rose on Friday even after the ugliest monthly jobs report ever as investors.Dow jumped 455.43 points, or 1.9%, to 24,3331, closing near its session high. S&P500 gained 1.6%, or 48.61 points, to 2,929, while Nasdaq climbed 1.5%, or 141.66 points, to 9,121.32
5-FII Bough 1,724 CR and DII sell 1503 Ce on Friday Trading session

Technical View
=================
Nifty Major Resistance is still on 10,000 and Major support is on 8,900. I had seen A bearish divergence in nifty50 and SGX nifty as well . 9100 is an Important level to watch. Index can their support (8900) if 9100 Break..Also a head and shoulder Pattern formed in sgx nifty Neck line is on 9090 . Check The bellow Image .



Trade Setup
===============
Last 2 day Range is Important . Buy above if Index sustain 9370 and build a short position if 9100 Break.

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