Nifty 50 Intraday & Expiry Day Trade Setup for 07th may 2020

Good Morning everyone,

Hope you all are doing good and making money from my ideas, Yesterday we had seen short covering , Index is still weak and trading on an edge. Buying side is still risky and Index has taken support from 9100 area and made high 9346.50 but failed to sustain and close on 9270.90.Bear is still strong . India’s Chief Economic Adviser KV Subramanian said stimulus was expected ‘soon’ but it would not as big as demanded by industry, ‘as there is nothing called free lunch in economics


Key Factors
===================
1- SGX Nifty is trading on a negative note. Currently trading on 9149.5 which is 105.5 down from Previous day.
2-the Dow Jones Industrial Average was up 60.78 points, or 0.25 per cent, at 23,943.87, the S&P 500 was up 10.94 points, or 0.38 per cent, at 2,879.38 and the Nasdaq Composite was up 97.84 points, or 1.11 per cent, at 8,906.96.
3- Crude Oil is still steady and showing strength in mid time frame.
4--European STOXX 600 index rose 0.1 per cent as healthcare stocks gained on the back of better-than-expected quarterly results from Denmark's Novo Nordisk and German dialysis specialist Fresenius Medical Care.
5- FII sold -493.6 crore and DII buy 322.47 Crore

Technical View
====================

Lets talk for SGX nifty first. Nifty is almost on neck line on a H&S pattern. This is a major support and can be see a free fall dump if neck line broken.

Nifty Intraday Resistance 9450 and support is on 9100 also Nifty key Resistance is on 9850 and support on 8900. Nifty50 also Trading near on H&S Neck line (9130)

Trade Setup
================
A : Long Position can build only and only if Index sustain 9350.
B: Short position can build lower then 9100 Level

Note : Due to expiry we will follow today intraday ranges which is 9450 to 9100. Idea trade is option writing and you guys need be watch 9300 CE and 9000 PE for 7 may expiry .. Both will be zero at the end of the day.

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