Morning Update : 6 May 2020
Market likely to be Flat to Bearish today.
Benchmark indices closed in the red on May 5 due to profit-booking with the Sensex closing with a loss of 262 points at 31,453.51 and Nifty settling 88 points lower at 9,205.60.
*Pivot Points*
According to pivot charts, the key support level for Nifty is placed at 9,113.93, followed by 9,022.27. If the index starts moving up, key resistance levels to watch out for are 9,374.08 and 9,542.57.
The Nifty Bank closed 2.39 percent down at 19,271.75. The important pivot level, which will act as crucial support for the index, is placed at 18,915, followed by 18,558.2. On the upside, key resistance levels are placed at 19,925.9 and 20,580
*US Markets*
Wall Street's main indexes rallied on Tuesday as healthcare stocks jumped, oil prices surged and a number of countries and US states eased coronavirus-induced restrictions in an attempt to revive their economies.
The Dow Jones Industrial Average rose 358.02 points, or 1.51%, to 24,107.78, the S&P 500 gained 51 points, or 1.79%, to 2,893.74
Oil prices surge as coronavirus lockdowns ease
Indian retail sector loss reaches Rs 5.50 lakh crore in lockdown
OMCs will be hit, as govt increased cess, to be borne by OMCs only. Not Consumers.
Fed policymakers see slow, uneven US recovery after coronavirus downturn
Today's Market at 7:50 am
US Market
Nasdaq = +98.40
Dow Jones = +133.33
European
Ftse 100 = +95.64
Cac 40 = +104.90
Dax = +262.66
Asian
Nikkei 225 = -574.34
Straits Times = +25.72
Hang Seng = +140.77
Taiwan weighted = +32.04
Kospi = +14.43
SGX Nifty = 9214(+31)
On 5th May
Fii sells 1059.39 crore stocks
Dii sells 995.30 crore stocks
Good News :
Israel & Italy seem to have got some breakthrough in covid vaccine.
Bad News:
1. Corona Infected person list reach above 37.2 lakhs
2. More than 2,58,205 person died in world due to corona
3. In India, corona infected person list cross 49400
4. Govt hike excise Rs10 on petrol and Rs13 per litre, bad for oil companies
5. Crude rise 15%, bad for Paint companies
6. FIIs and Diis both are selling
MY VIEW: Nifty has big support at 9200, below 9200 we will reach 8700 in 1 to 2 days.
Opening Liquor shops is still bad for India, it will increase cases more rapidly.