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Index Outlook For 04/May/20

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Nifty ended in the green in all sessions of the holiday-shortened week that ended on April 30. The index ended on a 7-week high amid positive global cues, progress in trials of a COVID-19 vaccine, hopes of easing of lockdown, and another stimulus package from the government. Short covering and rollovers on April expiry also helped the market.

Nifty Bank opened on a strong note on April 30 and rallied nearly 900 points intraday but profit booking at higher levels in the afternoon pulled the index below the opening. The index formed a small-bodied bearish candle

For the week and month, the index gained 9.9 percent and 12.5 percent, respectively, which resulted in a strong bullish candle formation on both weekly and monthly scales.

We expect a crash in the market tomorrow.

Nifty Future Intraday Level

Resistance 1 – 9856
Resistance 2 – 9894
Resistance 3 – 9928

Support 1 – 9727
Support 2 – 9650
Support 3 – 9663

Bank Nifty Future Intraday Level

Resistance 1 – 21567
Resistance 2 – 21774
Resistance 3 – 21984

Support 1 – 20998
Support 2 – 20763
Support 3 – 20474

Note – Level will subject to Gap up and Gap Down Opening.

Thanks!

ProCapitas Market-Pro Team

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