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Index Outlook For 07/May/20

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Experiencing bouts of volatility, the Indian benchmarks closed in the green on May 6, following gains in other Asian markets.

The Nifty, which failed to hold on to the crucial 9,300 level, bounced back after hitting an intraday low of 9,116 to end above 9,250.

We feel it is just a breather after the recent slide and the bias would remain on the negative side till Nifty trades below 9,700 zone. On the downside, we are eyeing 8,900-9,000 zone to be tested shortly. Traders should focus more on position management as we are seeing erratic swings across the board

Nifty Future Intraday Level

Resistance 1 – 9324
Resistance 2 – 9366
Resistance 3 – 9402

Support 1 – 9274
Support 2 – 9249
Support 3 – 9211

Bank Nifty Future Intraday Level

Resistance 1 – 19824
Resistance 2 – 20084
Resistance 3 – 20316

Support 1 – 19560
Support 2 – 19383
Support 3 – 19062

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

Thanks!

ProCapitas Market-Pro Team

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