Intraday Trading ideas of Nifty Spot for 11.05.2022

By a Staff Reporter: Yesterday Nifty took another attempt but failed to cross the previous high 16404 and slipped form there. It opened lower at 16249 but gained strength late morning and extended rally to 16404. But Nifty erased all its gains specially in the last hour of trade and continued its downtrend for a third consecutive session. Finally settled at 16240 day to day basis down by -62 points.

Nifty formed a Gravestone Doji which resembled Inverted Hammer pattern on the daily chart.

A pullback rally could be possible in coming sessions if such formations occur consistently.

Traders may take a chance to go for fresh bullish focus on dips near 16140 and even upto 16050 subject to hold below 16000 for to move towards 16484—16550 & even upto 16650. But traders should cautious at higher ends.

On the Upside :- Intra day basis Resistances are 16280—16333 & 16400. Bulls need to stay above16404+ for a fresh move towards 16440-16484 & then 16550.

On the down side :- Bears will get active below 16196 for a move towards 16166- 16140 and 16100. Swing basis extended supports are 16060 & 16020.

Volatility inched up further. India VIX, rose 1.22 percent to 22.30 levels

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