Nifty 50 Intraday Trade Setup for 9th June 2020
Good Morning sir's
I hope you guys have made good money in Yesterday's trading session. Our 15-minute candle high low trade setup was work well. The index has given a good move on the breakdown of 15 Minute candle low. Most of the traders suddenly bearish and saying that the index will fall more but as per my analysis yesterday was just a profit booking day and Index still has 300-400 Points room in Upside. Let's see what the key Factor for today Trading session.
Key Factors
====================
1-Word Bank says " In India, growth is estimated to have slowed to 4.2 percent in the fiscal year 2019/20 (the year ending in March-2020) and output is projected to contract by 3.2 percent in fiscal year 2020/21
2-Crisil Thinks It’s Likely Indian banks’ loan growth will slow to nil to 1% in the year started April 1, according to the Indian unit of S&P Global Ratings.
That’s lower than 6.1% in the previous fiscal year, which was already a multi-decade low.
Corporate borrowings, which account for half of the total credit, will be worst hit, and loans to individuals will decelerate to “low single digits” from “mid-teens” in the past few years, Crisil Ltd. said in a report.
“This crisis is unprecedented and so will its economic fallout be,” said Crisil’s Senior Director Krishnan Sitaraman.
3- COVID-19 cases continue to rise and the market seems to be ignoring this
4-SGX nifty Trading on 10,1999 which is 36 Point up from the previous closing. Accept a small gap up Opening.
5-the Dow Jones Industrial Average was up 254.55 points
6-The Nasdaq composite rose to a new record high on Monday and looks on track to confirm that it has been in a bull market for two and a half months according to many definitions, after Wall Street's nosedive on worries about coronavirus.
Technical View
===================
Resistance: The Index is Trading in a channel since march and this channel works beautifully to define dynamic support and resistance in a short time frame. Channel resistance is on 10,500 which follows from harmonic XABCD pattern(10,420). Yesterday we have seen a profit booking and most of the trader has changed their view but I am still bullish until the index goes tho their strongest supply zone ( 10420 to 10600).
Support: Index Key support is still on 9,600 to 9,700
Option Chain data
===================
Maximum call OI of 16.85 lakh contracts was seen at 10,500 strikes price, which will act as crucial resistance in the June series.
Maximum put OI of 23.4 lakh contracts was seen at 9,900 strikes price, which will act as crucial support in the June series.
Trade setup:
====================
Build Long Position if Index sustain above the 10,300 Level SL : 10,215 Target: Open
The short position can build lower than 10,140 SL: 10,190 Target: Open
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 different views and opinions.
Good Luck and Happy Trading
Virendra Pandey
I hope you guys have made good money in Yesterday's trading session. Our 15-minute candle high low trade setup was work well. The index has given a good move on the breakdown of 15 Minute candle low. Most of the traders suddenly bearish and saying that the index will fall more but as per my analysis yesterday was just a profit booking day and Index still has 300-400 Points room in Upside. Let's see what the key Factor for today Trading session.
Key Factors
====================
1-Word Bank says " In India, growth is estimated to have slowed to 4.2 percent in the fiscal year 2019/20 (the year ending in March-2020) and output is projected to contract by 3.2 percent in fiscal year 2020/21
2-Crisil Thinks It’s Likely Indian banks’ loan growth will slow to nil to 1% in the year started April 1, according to the Indian unit of S&P Global Ratings.
That’s lower than 6.1% in the previous fiscal year, which was already a multi-decade low.
Corporate borrowings, which account for half of the total credit, will be worst hit, and loans to individuals will decelerate to “low single digits” from “mid-teens” in the past few years, Crisil Ltd. said in a report.
“This crisis is unprecedented and so will its economic fallout be,” said Crisil’s Senior Director Krishnan Sitaraman.
3- COVID-19 cases continue to rise and the market seems to be ignoring this
4-SGX nifty Trading on 10,1999 which is 36 Point up from the previous closing. Accept a small gap up Opening.
5-the Dow Jones Industrial Average was up 254.55 points
6-The Nasdaq composite rose to a new record high on Monday and looks on track to confirm that it has been in a bull market for two and a half months according to many definitions, after Wall Street's nosedive on worries about coronavirus.
Technical View
===================
Resistance: The Index is Trading in a channel since march and this channel works beautifully to define dynamic support and resistance in a short time frame. Channel resistance is on 10,500 which follows from harmonic XABCD pattern(10,420). Yesterday we have seen a profit booking and most of the trader has changed their view but I am still bullish until the index goes tho their strongest supply zone ( 10420 to 10600).
Support: Index Key support is still on 9,600 to 9,700
Option Chain data
===================
Maximum call OI of 16.85 lakh contracts was seen at 10,500 strikes price, which will act as crucial resistance in the June series.
Maximum put OI of 23.4 lakh contracts was seen at 9,900 strikes price, which will act as crucial support in the June series.
Trade setup:
====================
Build Long Position if Index sustain above the 10,300 Level SL : 10,215 Target: Open
The short position can build lower than 10,140 SL: 10,190 Target: Open
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 different views and opinions.
Good Luck and Happy Trading
Virendra Pandey
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