NIFTY- Price Action for the day and View for next trading Session

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Dear Christite,

Here is the latest analysis about Indian stock market from Center for Research in Asset Markets and Economy (CRAME), Christ (Deemed to be University) Lavasa.

CRAME NOTE ON INDEX PERFORMANCE - May 07, 2020 


Though the index opened lower and closed in the red, it was not a trending day on the downside. Throughout the day the low made in the morning was defended. While the call writers successfully defended the 9300 strike price for the weekly expiry, the price action does not suggest explicit weakness in the market.

A closer look in the shorter time frame depicts formation of  triple bottom near 9170 levels and it looks like the price is consolidating in a triangle formation with a mild upward bias. A break above the consolidation range can take the index to the targets mentioned in the chart.

DISCLAIMER

The content provided in CRAME blog is for educational purposes only. CRAME or the analyst(s) do(es) not assume any responsibility for the financial decisions/actions made on the basis of the analysis presented in the blog.

Analysts

Prof. Binu  P Paul PhD
Prof. Soumya V ACSI

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