Morning Snippet for 6th May2020


Nifty Observation

Nifty, opened with a gap higher but failed to break 9400 level, the level which was a breakout zone in the previous month.

Now on the chart there are multiple overhead resistances as well as supports underneath.
Failure of price to break above the 50% retracement of 9880, an Island reversal zone of 9500-9800 coupled with 50 dma at 9680 is likely to remain barriers for the price on its way up whereas on the downside 20dma at 9080, retracement supports at 9000-8900 zone is likely to keep price supportive.
Thus as we mentioned yesterday if price has begun new down move it will only be confirmed once price gives a pullback from the support levels and reacts to the overhead resistances


Activity in Cash Market

•FII Cash: -1059 Crs.
•DII Cash: -995 Crs.

F&O Cues
•FII Index futures data were neutral yesterday as they have added 1,924 long contracts.

•FIIs net position on index futures now stand at 13,538 long contracts.

•Option chain: 9000 strike has maximum put Open interest (14 lakhs) whereas 9500 strike has maximum call open interest (19 lakhs).

•Yesterday 9300 and 9400 strikes have seen maximum call open interest addition. Option chain data suggest market has limited upside and can move towards 9000 in coming days.

Result Today
•Yes Bank
•Adani Enterprises

Stocks trading at/near 52-week High
•Torrent Power
•Bharti Airtel

Stocks trading at/near 52-week Low
•PVR
•SBI
•Bank of Baroda

Om Sai Ram

Good morning friends!

Today or tomorrow, if Nifty closes below 9100 level then we can expect to see further fall to the level of 8900 and maybe more..

S&P 500 cmp CFD is @ 2828. Crucial level is 2770 below which we can see further fall..

Brent Crude Oil has reached target of 31.30

International Gold is still in range bound between 1670 - 1735. Looking for range break out ..