Nifty May 6th Opening Update: Global Markets Performance and Choppy Price Action

Nifty May 6th Opening Update
Nifty May 6th Opening Update

Nifty Yesterday Close 9205.6. Nifty Likely to open flat with sideways move following how global markets are performing now. Asia begins somewhat mixed following what Wall Street witnessed, Choppy Price Action where all Major Indices finished higher yesterday. SGXNifty is hovering around 9200 also suggesting a weaker opening. 

Oil prices extended a rebound to test $30/barrel in 2020. US 10Yr bond yield stood at 0.66%. All US Index Futures are trading lower post the news breakout of Baghdad Airport being bombed with 3 missiles though need to watch closely since the International Departures had resumed for sending back stranded passengers.

India Corona Virus Cases Government to increase Taxes on Petrol & Diesel, Banks may extend the moratorium to NBFCs post-RBI clarification. FM may Except HDFCBank all other ADRs had declined in trades yesterday. Stocks to Watch OMC, AstecLife, NIITTech, AdaniPort, UBL & McDowell. 

For May both FII and DII net turned sellers in Equity with close to 5000Crs being sold. Nifty PCR has gone down to 1.23 from 1.35. Max OI Changes in 9000PE & 9500CE Monthly Strikes.

Based on our Proprietary Algorithm, Pivotal Support for Nifty is at 9152, 9087 & 9043while Resistances are at 9412, 9478 & 9521. Stocks to watch are Nestle, Indigo, Gail, HDFCBank, PVR, UBL & Marico.