Pre-Open daily Tech view of Nifty Spot for 19.05.2022

BY A STAFF REPORTER 



Last night very big-selloff in US markets. Dow dropped more than 1100 points, biggest one day loss since 2020. Asian markets also opened today with deep red.



Here, yesterday Nifty spot started with a higher opening at Op = 16318.Then initially High 16399.80, failed to cross the crucial expected 1st hurdle 16400 against recent fall from 17377 to 15736.

Low printed at 16211 & then rest of the day was range bound in between 16240 to 16340.

Nifty declined 19 points to 16240 and formed a bearish candle on the daily charts.



On the Down side :-



Here expectation of Gap down opening. Opening below 16200 for a move towards 15900 at a stretch.

15990 is a 5 Dma support & 15900/880 is a strong psychological one. This range should hold otherwise more bear grip, may retest 15777-15740.



On the Upside :-



Positive above 16300 then then Resistances 16360 & 16400.

Next up move only above 16400. This rally may initially extend upto 16470 to 16555.



As per options data current trading range between 15900 to 16500.



The VIX was down 1.96 percent from 22.74 to 22.29 levels.



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Source : Eureka

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