Pre-Open daily Tech view of Nifty Spot for 18.05.2022

BY A STAFF REPORTER



Smart bouncing & a robust bullish candle formation after 3 consecutive almost same bottom formation & day before yesterday’s Doji candle. Yesterday Nifty started with higher opening above 15900 and initially momentum gathered above not only 5 dma <15970> but also that was extended above 9 dma 16160. Crossed crucial barrier 16200 & High printed at 16284 & finally settled at almost top 16259.Day to day basis jumped more than 400 points.



Nifty formed a Bullish Marubozu candle and closed at a three-day high & we saw a broad based buying.

The near term trend shall remain positively biased as long as sustains above 15900 levels.



On the Upside :-

This rally may initially extend upto 16470 to 16550 & more than that say 16666 as a break out but subject to stays above 16380 < initial hurdle >.



On the Down side :-

Down side supports are initially 16230/16140 zone & if breaches then below 16140 —16050 & 15970.

15970—15900 vital support & that should hold, otherwise a close below 15900 may lead to weakness further.



As per options data current trading range between 15900 to 16600.



India VIX was down by 7.29 percent from 24.52 to 22.74 levels.



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Source : Eureka

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