Nifty Intraday day analysis & Setup for 04th may 2020

Good Morning everyone,

Hope your weekend went well and you guys have fun in this lock down period :P Come to point and lets discus about nifty 50. First lets talk about my last analysis on 30th April 2020. I clear mentioned supply zone which is from 9600 to 9978 and this level come from one of harmonic pattern. Index 30th April high is 9984.50 and reversed . Our Nifty future trades in 2 other exchanges and these markets open after our trading session and nifty future is down more then 500 point till now in these exchanges Our Market is going to open today after 3 days so aspect a massive gap down today for sure...

Key factors
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1- Nifty future trading on 9236 on SGX NIFTY it's almost 600+ point down after our last trading session..
2 - Global Index is also in Negative.
3- Regrading USA Market May has started on a bad note across markets, as equities took a turn for the worst on the first trading day after US President Donald Trump threatened to slap new tariffs on China over the corona virus crisis and US30 aka Down more then 1500 points in last 2 trading sessions. almost 6.30%
5- On Friday, the government extended the corona virus-induced lock down by a further two weeks, dashing hopes of resumption in economic and business activities
6-In Europe, markets took a turn for the worst on the first trading day of this month after US President Donald Trump threatened to slap new tariffs on China over the coronavirus crisis.

Let's see how these thing can affect our Market
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Technical View
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Told you in our last analysis that nifty is not going to break 10,000 level and can be reversed from 9978. Index made 9984.50 and reverse but main question is how much points gap down we are going to see today. As per my analysis we are going to 400-500 Gap down today.

Nifty Major support is on 8850-8900 and resistance is still on 9978

Trade setup for today 04th May
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Today Trade setup is bit risky and tricky as well because index is gonna volatile as per others trading session. Most of levels were destroy here so we will use our gap down and Gap up strategy in intraday. This is a simple strategy and easy to follow.

Mark 15 Minute candle high & low and setup your trade on it. Go in long position if 15 minute candle high break and build your short is 15 minute candle break . More updates will be given in live trading session.

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