Nifty Intraday Trade Setup for 05th May 2020

Good Morning everyone,

Yesterday was an awesome day ,we did good in Intraday and made a handsome profit in the bear Market but Question is it going to fall again, and what will our setup for today?

Key factors
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1- Nifty future is showing strength in SGX and on Oanda Exchange. Almost 1.65% ( 153.50) Up
2- US30(DOW) is still looking good in this Morning and trading on 23990 which is almost 0.90% up from the Previous day..
3- NEW DELHI: Panicked by rising tensions between the US and China, even as world economies struggle to come back to normalcy, domestic indices joined global peers and tanked in the opening trade on Monday.
US and China, which barely reached a deal last year to end the 18-month old trade war, are now engaged in another tussle threatening more pressure on world economies and hurting the market sentiments back home.
The spat over the origin of the coronavirus put the brakes on optimism about an economic re-start even as cou ..
4- March quarter earnings so far have disappointed investors on Dalal Street. On Thursday, Reliance IndustriesNSE -2.10 %, Hindustan UnileverNSE -5.12 % and Tech Mahindra joined peers who missed Street estimates, acting as a dampener when markets reopened after an extended weekend.
5-The second extension of the lockdown, which will be into force till May 17, eased restriction into certain areas but analysts feared supply side disruptions.
6-Globally, the dollar inched higher, stock markets struggled for traction and oil fell. In reduced trade, with China and Japan on holiday, US stock futures fell 1.7 per cent and U.S. crude tumbled 7 per cent. The safe-haven U.S. dollar rallied to one-week highs against the risk sensitive Australian and New Zealand dollars.
7-Foreign (FIIs) and domestic institutional investors (DIIs) sold shares worth Rs 1,373.98 crore and Rs 1,661.61 crore, respectively, in the Indian equity market on May 4, provisional data available on the NSE showed.

Technical View
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Nifty Major Resistance Area is on 9600 then 9857 and support is on 8900. Nifty already has break the previous support is on 9330 and manage to close lower then it which is a clear sign for bear for this week. Keep an eye on 8900 if Nifty not sustain on this level then we can see 7400 again.

Trade Setup
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A: Long Position is still risky and consider 9450 only so wait for this level to come.
B : Short is bit tricky and I am getting 2 short levels.
1- If you see any gap up opening and index test 9350-9400 then open a short with 9450 sl . Try to sell from top .
2- Second sell level come bellow then yesterday low which is 9264.


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