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Market Strategies for Wednesday May 8, 2019 from Share India Securities Ltd

Posted On: 2019-05-08 09:31:19

"Notwithstanding a positive opening, markets faced heavy selling pressure in later part of the session as Nifty slumped another 100 points to end at 11497. A big black candle was formed as Nifty decisively broke down below 11500. After almost 5 weeks of trading inside 11550-11800, today's violation has opened up second leg of the corrective pattern that started developing after sharp reaction from 11856 on 18th April.

I have been cautioning about impending change in trend for past few days. Today's violation has opened up lower levels upto 11300 in the immediate vicinity. Nifty is expected to move towards 11400 which acts as immediate support. On the higher side, the battered bulls may try an attempt to regain 11550 but that being a strong resistance now may once again invite fresh selling pressure."

- Mr Abhinav Gupta, President, Capital Markets, Share India Securities Ltd

Market Strategies

NIFTY - 11497
Sup 11450-11400 Res 11550-11580

BANKNIFTY - 29288
Sell Bank Nifty s/l abv 29500 tgt 29100-29000

TRADE WIZARD

Axis Bank Fut -Sell
Target - 736
Stop loss - 754

Bajaj Finserve Fut -Sell
Target - 7420
Stop loss - 7650

BEL Fut- Sell
Target - 83.5
Stop loss - 88.5


Source: Equity Bulls

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