Nifty 50 Intraday & Expiry Day Trade Setup for 28th may 2020

Good morning all ,

We had seen an awesome and a straight run yesterday . Up move was accepted but not as nifty given. 285.90 point from previous closing which is almost 3.17%. Today is monthly expiry and the main question here does the bull run continue or index will give a correction from here ? Let's talk about the key factors for today trade setup.

Key factors :
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1-India Ratings and Research expected the aggregate fiscal deficit of states to rise to 4.5% of GDP in 2020-21, as against its earlier forecast of 3%.
2-Banking stocks saw some institutional buying. There were a couple of foreign institutional investors (FIIs) who were continuous sellers till about 4-5 days back. That has come to an end. Now, others are finding the prices attractive
3-US and Asian markets had a positive rub-off on Dalal Street. Dow Jones spiked 2.17 per cent in overnight trade, closing just shy of the 25,000 mark. Asian markets were trading with gains while benchmark indices in the UK, France and Germany added over a per cent each in the opening tick.
4-Inside news that Government is going to announce another relief package for 1.5 lac crore . Not confirmed news might be a rumor or Operators Game . This is the main reason for yesterday unaccepted spike in Banking sectors and our nifty has given a good really in yesterday Trading session.
5- SGX nifty trading on 9,364 which is 67 point above from the previous closing.
6- US30 aka DOW also bullish and made a new high today. Currently trading on 25,794. which is 225 point up from previous closing.

Technical View
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Most of things already explained on the chart but let try to understand it real quick . Nifty has broken their H&S pattern neck line on 14th may and trend line on this resistance will be act as resistance. on same level we had found an another resistance which is come from a channel. Index has trading in this channel since may 1st. On Thursday, Nifty will face resistance at the 9,365 and 9,425 levels, while supports will come in at 9,260 and 9,175 levels.

Resistance : Nifty Intraday resistance is on 9338 to 9,365 and key resistance on 9,600
Support : Nifty Intraday support is on 9,150 and key support is on 8,800

Trade Setup :
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Long : Build Long position is Index break 9,400 and sustain above on it
Short : Short Position can be open lower then 9,150

Note : Writing is best for today. 9,400 and 9,200 is hot strike price for today Intraday.

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