Pre-Open daily Trading view of Nifty spot for 12.05.2022

By a Staff Reporter: Yesterday was a high volatile day with big range. 4th consecutive negative closing with lower top lower bottom formation. Nifty started with a minor higher opening at 16270 and then deep correction even below 16000 < low 15992> but in 2nd leg of the session bounced smartly, printed a high 16319. Finally settled at 16167 with -73 points negative closing & formed a long-legged Hammer type candle on the daily frame.

The Hammer is generally a bullish reversal pattern formed after a decline, such pattern formation is an indication of some kind of pullback rally but only if the coming session closes on a strongly positive note.

In expiry day Current trading range in between 16250/300 to 16000/15950 & wide basis 16400 to 15850.

We may see another volatile sessions & big move in next immediate trading sessions.

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Source : Eureka

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