The month of May started with a gap down taking nifty to 9533.50, less by 330 points from previous month close. The weekly expiry closed at 9199 there by making a total negative of 760 points for the week. Most of the scrips have signaled weakness and are shying away from the top made in April. The April month formed a high of 9890, which could remain a dream number for May.
The technical factors indicate a low of 8200 and 15800 in nifty and bank nifty respectively for May.
Range for the week : Nifty 8900-9350 and Bank Nifty 19000-20500.
The down trend likely to continue till nifty forms a bottom at 8200.
Good Luck!
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