Hope your weekend went good and you guys enjoy your holiday :P Last week we had seen massive gap up and gap down in Index. 20 lac crore simulation package has given some hope but Market has rejected it badly and Index did not sustain high level (9560) . Currently Index trading in a range. Upside level is 9300 and downside level is 9000 .Government tries their best to not let the market down but Market sentiment rejected there every attempt.
1 -Some Recent announcement from FM
A. MNREGA Related- Govt Will allocate additional 40000cr for this now for the migrant Labors who are going back to there home town can also enrol in MNREGA.
B. Ramping Up of Health Sector- Public Expenditure will be increased. Support will be given to Health and wellness centre. All dist will have Infectious Disease Center at Govt Hospitals. Public health diagnostic Labs will be setup at all Block Levels.
C. PM E-Vidhiya Platform- Diksha will be Launched, One Nation One Digital Platform. Community Radio Will also be used. One earmarked channel for one Class will be launched. E-Content for Visually Impaired Children's. *Top 100 University of India to mandatory Launch Online Courses* by 31-05-2020.
D. IBC Related Matters- Debts Related to Covid Pandemics will be excluded from default. No fresh Insolvency can be proceeded for MSME for 1Yr.
E. Companies Act Related- Extension of Compliance was done. Decriminalization of all acts in companies Act. Compoundable offence related matters will be done now through adjudicating authorities. Now total 58 offences are to be settled not by court now but by internal Adjudicating Authority.
F. Companies Act Related- Now Companies can directly list their securities in Foreign Country. Now Companies would be able to list Non Convertible Debenture on Stock exchange. And they will not be treated Listed Companies.
G. All Sectors will now open for Private Sectors- But at least one Public sector enterprise will remain in all sectors. In Notified Strategic Sectors PSE will be reduced to Max 4.
2 Lockdown 4.0: Union home ministry on Sunday extended the lock down for another two weeks till May 31 to contain the spread of corona virus While the detailed guidelines on easing of restrictions were awaited, officials sources said the center is likely to allow public transport and reopening of restaurants and shopping malls subject to certain conditions.
3- SGX seems weak. Trading on 9070 atm which is 39 point low from the Previous closing. Our Index will be open either flat or with small gap down.
4- Dow Has given small recovery. Currently Trading on 23826 which is 192 Point above from previous close.
5- Crude looks good and steady.
8900 to 9000 is key support for Nifty Index . Everything is depend on these levels Index will be a falling knife if not sustain . in last 2 trading session index has made a range from 9300 to 9000. This range will decide that where our Nifty will trade in the may Month.
9300 is an Intraday resistance and long position can be consider on the above this level. Key resistance is still on 9900.
Intraday Trade Setup
Long : 9170 Sl : 9130 Target : 9195/9240/9280
Short: 9100 SL: 9140 Target : 9060/9000/8945
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