Nifty Daily View 6th May 2020

On Tuesday, after rising for six weeks, consecutively, Nifty broke the lowest level of the previous week, which was at 9250 (Bank Nifty at 19840). It is negative for the market in the medium term.
Nifty is having support at 9000. Daily and Intraday traders should work by buying Nifty around 9000 but for that we need to keep a stop loss at 8900. If the Nifty rises to 9400 or 9500 then it should be traded short sell with a stop loss at 9600. As the volatility is increasing, the strategy should be to trade with a small quantity with deep stop losses. Bank Nifty is having support between 19050 and 18950 levels. Buy between the same with a strict stop loss at 18700. On the other side, trade short sell if Nifty bounces to 9320-9350 levels. Keep final stop loss at 9450 for the same.