Intraday Trading ideas of Nifty Spot for 10.05.2022

By a Staff Reporter:  Week started with a big Gap down note below 16340, low initially printed at 16142 breaking our tentative lower support 16200. But as per expectation bouncing occurred & high made at 16403 filling the Gap finally settled at 16301.85 down by 109 points.

Amid volatility chartically formed a Spinning Top type candle at bottom as per daily chart, indicating indecisiveness among bulls and bears.

But as Nifty bulls fenced themselves from crucial support level which is 80% retracement level of the last leg of the rally from lows of 15671 to 18114 so expectation of some recovery for short term basis possible & that could take the index to 16500-16600 mark.

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Source : Eureka

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