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Index trend and stocks in action on May 06, 2020

Karan DSIJ
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Index trend and stocks in action on May 06, 2020

Following favourable cues from the global markets, Nifty opened the session with a gap-up however, failed to capitalise on initial gains and turned sideways. In the latter part of the trading session, huge sell-off was seen and as a result, Nifty ended below Monday’s low as well as near the day’s low. At close, Nifty ended down by 88 points at 9,206 levels.

The price action formed a sizable bearish candle carrying lower high and lower low, indicating continuous sell-off for the second trading session. Technically, Nifty on Monday, ended below the lower boundary of the rising wedge pattern and on Tuesday, we have seen a follow-up as it continued its downward slide.

Going ahead, low of Tuesday’s session is going to be an important level to watch as a move below 9,190 level, would open gates for more downside towards 20-DMA, which is placed at 9,082 levels. On the upside, resistance is seen around 9,370-9,430 levels and as long as Nifty stays below this level, it would be sell on rise market.

 

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