Positives:
Global markets are trading in positive territory
New investment proposal continues to flow for Nifty heavy weight Reliance
Negatives:
Uninspiring stimulus package
Lock down extension
SGX Nifty is the odd man out – trading in negative territory.
Global Markets: - Positive
Asian markets are mostly trading in positive territory this morning. US and European futures are also trading with gains in Asia session. However, safe havens gold and US dollar continues to move up on raising US-China tensions. WTI Crude oil future is trading above $30 and is volatile due to upcoming expiry. Industrial metal copper is trading more than 1% higher
ASIAN Markets this morning: - Positive
While Asian and Global markets are trading in positive territory, SGX Nifty is the odd man out and it is trading with about 30 points below Friday’s close. Markets seems to be not happy with the stimulus package and extension of lockdown.

Calendar events
No major economic events are scheduled for this week .
India: Uninspiring Stimulus & Lockdown extension.
All the details of Rs.20 lakh crore stimulus package is announced. Market seems to be uninspired and unhappy about the stimulus. Some industry bodies have openly expressed their displeasure with the package.
On top of it, lockdown is being extended till May 31 to control spread of corona virus. Goldman Sachs expects second quarter GDP will fall by 45% on account of lockdown. This will be the deepest recession for India on record
Only positive news is reliance attracting more investment proposals.
Result announcement:
Airtel will declare quarterly results today and Bajaj Finance will declare it tomorrow.
NIFTY -Technical Bias:

Price Action & Pattern:
Nifty if falls below 9000 will mean, the downside pressures are increasing. Then it could move towards 8800 and then to 8200 levels. However positive global mood and Reliance could offer support to Nifty. Therefore I expect nifty to trade sideways with downward bias today.
Trade Ideas:
Option spread traders who are holding on to bear spread may continue to hold it and more if down move resumes