*Morning Update : 07 May 2020*
Sensex closed on May 6 with a gain of 232 points, or 0.74 percent, at 31,685.75 and the Nifty settled 65 points, or 0.71 percent, higher at 9,270.90.
*Pivot Points:*
key support level for Nifty is placed at 9,142.63, followed by 9,014.37. If the index continues moving up, key resistance levels to watch out for are 9,373.03 and 9,475.17.
The Nifty Bank closed 2.19 percent higher at 19,694.55. The important pivot level, which will act as crucial support for the index, is placed at 19,154.87, followed by 18,615.13. On the upside, key resistance levels are placed at 20,020.47 and 20,346.33
*US Markets*
The S&P 500 and the Dow fell on Wednesday as declines in financials and defensive groups countered gains in tech shares and as data showed U.S. private employers laid off 20 million workers in April, underscoring the economic fallout of the coronavirus outbreak. The Dow Jones Industrial Average fell 218.45 points, or 0.91%, to 23,664.64, the S&P 500 lost 20.02 points, or 0.70%, to 2,848.42
*GSK, Horlicks to sell 5.69% stake in HUL via block deals worth $3.2-3.4 billion* British drugmaker GlaxoSmithKline Pte and Horlicks Limited plan to sell 5.69 percent stake in Hindustan Unilever (HUL) via block deals at a price band Rs 1,850 - 1,950 per share. GSK is expected to sell the stake on May 7, 2020
*FII and DII data*
Foreign institutional investors (FIIs) sold shares worth Rs 493.68 crore, while domestic institutional investors (DIIs) bought shares worth Rs 322.47 crore in the Indian equity market on May 6 US Market Nasdaq = +45.27 Dow Jones = -218.45 European Ftse 100 = +4.34 Cac 40 = -49.75 Dax = -123.26 Asian Nikkei 225 = -46.80 Straits Times = +19.24 Hang Seng = -174.68 Taiwan weighted = +39.52 Kospi = -4.75 SGX Nifty = 9157.5(-97.5)
Good News : Everyone is waiting for govt stimulus package today
Bad News: 1. Corona Infected person list reach above 38 lakhs 2. More than 2,65,045 person died in world due to corona 3. In India, corona infected person list cross 53000 4. Govt selling its stakes from safe stocks to raise funds, shows increasing worries for stimulus. 5. 95000 cases come yesterday, highest cases in 1 Day in world 6. FIIs continue selling 7. Govt not closing liquor shops, as a result corona cases will definitely cross 1 lakh within 5 to 7 days.
My VIEW: Nifty has big support at 9200, below 9200 we will reach 8850 / 8650 in few days Trade with Precaution as today is weekly expiry