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Index Outlook For 05/May/20

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Weak global cues, muted results from India Inc, zero sales from top auto manufacturers in April, an extension of lockdown by another two-weeks, and contraction in manufacturing activity led to profit-taking on D-Street on May 4 after a sharp 14 percent rally seen in benchmark indices in April. The Nifty fell 566 points to close at 9293.

Investors lost nearly Rs 6 lakh crore in a single trading session. The average market capitalization of the BSE-listed companies fell from Rs 129.41 lakh crore recorded on April 30 to Rs 123.69 lakh crore on May 4.

The abrupt end of the recovery has certainly caught the participants completely off-guard and we might see the index drifting lower ahead.

With no major development on the local front, we feel the global cues would continue to dictate the market trend. However, any news on a stimulus package for ailing sectors may provide a breather.

Besides, the earnings announcements would continue to induce stock-specific volatility so participants should plan their trades accordingly.

Nifty Future Intraday Level

Resistance 1 – 9316
Resistance 2 – 9357
Resistance 3 – 9394

Support 1 – 9264
Support 2 – 9242
Support 3 – 9208

Bank Nifty Future Intraday Level

Resistance 1 – 19780
Resistance 2 – 19984
Resistance 3 – 20114

Support 1 – 19618
Support 2 – 19484
Support 3 – 19233

Note – Levels will be subject to Gap up and Gap Down Opening.

Thanks!

ProCapitas Market-Pro Team

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