Nifty 50 Intraday Trade Setup for 02 June 2020

Hello Everyone,

We had seen a bull really without any correction since last 4 trading session . Almost 900 points in this straight run and main question is does nifty will make a new high today or we will see a profit booking and a short term correction. Let's see the key factor at first for the today trading session.

Key factors
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1-SGX nifty Trading on a flat note so aspect a flat Opening .
2-Market has been ignoring poor GDP print for March quarter, PMI data showing a deepening slump in factory output and up to 80% drop in May auto sales and maruti and other stocks making higher high and giving breakout on their resistance. Seems funny and interesting to watch the manipulators work.
3- the Dow Jones Industrial Average was up 30.31 points
4-European shares rose on Monday on hopes of a post-coronavirus global recovery,
5-Moody's Investors Service on Monday downgraded India's foreign-currency and local-currency long-term issuer ratings to Baa3 from Baa2, citing the country's policymaking institutions will be challenged in enacting and implementing policies which effectively mitigate the risks of a sustained period of relatively low growth.

Technical analysis
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As per Harmonic we have found 2 Potential reversal zone. first is 10047 and second is 10411 these levels are act as nifty resistance for now . Bearish harami candle formed in 4 hour time frame and this candle formed because of Profit booking in yesterday session and not much reliable . Might be we see profit booking today . Index can give a short term correction or will trade in a range.9400-9500 is the support zone.

Option Chain data
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Maximum call OI of 18.78 lakh contracts was seen at 10,000 strike, which will act as crucial resistance in the June series.
Maximum put OI of 18.92 lakh contracts was seen at 9,500 strike, which will act as crucial support in the June series.

Trade setup
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Buy : 9940 Target : 9,980/10,010/10,040 sl : 9,870
Sell : 9,780 Target : 9,730/9,700/9,650 sl: 9,830

Disclaimer: I am not a SEBI Registered Research Analyst and all the information provided here is for educational purposes Views are shared based on market research and study and personal in nature. Others can take the different view and opinions.

Good Luck and Happy Trading
Team CodeViser