Nifty 50 Intraday Trade Setup for 12th may 2020

Good Morning Everyone,

Hope you all are doing good and made some good money in yesterday Trading session. Again Nifty failed to break their 1 week range. Yesterday We had seen a huge gap up opening but Index not sustain above then 9400 and closed on 9239.Index currently Trading in a range from last one week upper side level is 9400 and downside level is 9100. This range is most Important for today Trade setup . Index will give momentum if this range break ... Lets see what is the key factors for today Intraday and what is our technical view for today.

Key Factors
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1- SGX looks weak and trading on 9158 which is 56 point lower then previous closing. We aspect 40-50 Gap down in Nifty 50 Index.
2-March IIP and April CPI numbers will be out on Tuesday and they may have an impact on market’s trajectory over the next few sessions.
3- Last 2 Trading session DOW is taking support from 200 EMA in hourly time frame. Index trading on 24040 which is 157 point low from the previous closing and trading again on 200 EMA.
4-Asian markets were little changed as investors await the release of Chinese inflation data expected to be out later in the day. Nikkei 225 was largely flat in early trade while South Korea’s Kospi dipped 0.38%. Meanwhile, the S&P/ASX 200 in Australia slipped 0.67%
5- Crude Oil Prices is steady and rise.
6-Chinese advisers call for talks on new trade deal with US: Report

Technical View
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Lets talk first about SGX nifty where our Nifty future trade . SGX has also made a H&S pattern in 2 hour time frame which is show weakens of the Index. Neck Line Level is 9,050 check the bellow Image.

Resistance
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Intraday Resistance is on 9400 and Key resistance is on 9,900-10,000

Support
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Nifty Intraday support is on 9100 and key support is on 8,900 so shorter keep an eye on 9,100 for Today Trading session

Tuesday 12th May Trade Setup
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Buy : Only and only if Index sustain above then 9,400
Sell : Sell if Index break week range which is lower then 9,100

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