Pre-Open Daily Tech view of Nifty Spot for 13.05.2022

BY A STAFF REPORTER 

Asia-Pacific stocks climb. Fed's Powell warns he can't guarantee 'soft landing'.

Yesterday Nifty tanked 359 points to 15808 - continuing downtrend for fifth consecutive session and formed bearish candle on the daily chats.

15700 <+/-30> is a double bottom area, chances to act as slab to hold fall started from 17400 & 16900. Low already 15735.

RSI just below 30, as per indicator it is a crucial base area, chances of minor pull back can’t be ruled out.

The options data indicates that the Nifty’s trading range has moved further lower to 15500-16300 from 15800-16500 levels.

India VIX, the fear index, rose 6.41 percent to 24.27.

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Source : Eureka

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