Pre-Open Tech Ideas of Nifty Spot_23.05.22

23/05/2022 07:53:15 AM   Aniket         125

Last Friday Nifty finished the week at 16266. Closed almost at day’s high 16283. Day started from psychological support 16000 mark & bullish recovery strength resumed above 16050 [ 5-9 mov bullish cross point ]. Within this journey it has erased the total bearish Gap roughly in between 16000—16200. Day to day basis up 456 points, or 2.89%.

Nifty formed a bullish candle as per Daily Chart and bullish break out to be considered after crossing and staying above 16400 as on closing basis otherwise that to be acted as a vital resistance.

For Monday expected Initial Range :- 16365 to 16125

On the Upside :- If stays above 16300 then the initial hurdle shall be around 16365 & major 16400 levels and beyond that test of 20dma 16500 cannot be ruled out. Very major 16555-580.

On the down side :- 16125---16060 vital support area & that should hold. If breaches that & stays below 16000 weakness can be extended towards 15870 to 15775.

The options data suggests a trading range between 15800 and 16500.

India VIX fell 5.94 percent from 24.55 to 23.10 levels.

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Source : Eureka

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