Nifty 50 Intraday Trade Setup for 06th May 2020

Good Morning Everyone,

Hope you all doing great and made an handsome profit in Yesterday . Index reversed exact from our 1st sell level and it's come from top which was great but what about today ? This is the main question for us. Bear is always strong the Bull and keep one thing in your mind that we are in a bear Market so be careful in long position.Lets check what will be our today Trade setup for 06th may...

Key Factors
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1- auto and materials stocks came under selling pressure on Tuesday.
2-US stock indexes jumped on Tuesday as a recovery in oil prices lifted battered energy stocks and a slew of countries eased corona virus-but in today morning DOW fallen again from the opening price and trading -83 point from previous closing..
3-FII SOLD IN CASH -1059.39 Cr and DII SOLD IN CASH -995.30 Cr. on Tuesday.
4- Crude seems stable and in short term uptrend.

Technical View
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Supports : Nifty is break the neck line of hourly H&S pattern and managed to closed lower then it . 9140 is a weak support if index break this level then we can see a free fall again and Index can test their major support area which is on 8850-8900.

Resistance : First Resistance on 9420 and major resistance is on 10000.

Trade setup :
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Market is going to open flat and we can see a narrow range today means moment will be slow in Intraday.

A : Long position can build above on 9400
B: Short can be consider lower then 9130

Writers can see 9450 CE and 9100 PE for 7 may expiry .

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