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Index Outlook For 08/May/20

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Equity benchmarks resumed their downward march on May 7 as rising cases of novel coronavirus, or COVID-19, and a delay in government stimulus dealt a blow to investor sentiment.

The Nifty settled 0.78 percent lower at 9,199.05.

There is no respite in the number of domestic virus infections and the market is worried about a further extension in the lockdown, which could severely impact already weak corporate earnings and the economy.

The Indian market is expected to trade volatile, tracking domestic news regarding the spread of infections

Nifty Future Intraday Level

Resistance 1-9226
Resistance 2 9253
Resistance 3 9284

Support 1 9184
Support 2 9168
Support 3 9141

Bank Nifty Future Intraday Level

Resistance 1 19618
Resistance 2 19833
Resistance 3 20038

Support 1 19478
Support 2 19300
Support 3 19056

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

Thanks!

ProCapitas Market-Pro Team

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