Pre-Open daily tech view of Nifty Spot for 16-05-2022
New Update
Pre-Open daily tech view of Nifty Spot for 16-05-2022
On Friday though Nifty started with a positive note and in first half of the session gave a false break out above previous day’s high 16040 but whipsawed and fizzled out at 16083 then sharp fall in 2nd half erased all intraday gains & slipped upto almost double bottom area 15740.
Nifty was down 25.80 points & settled at 15782. This is the 6th consecutive bear closing as per Daily chart.
ON THE UPSIDE :-
Intraday basis traders may face initial barriers at 15888-15920 & then major at 15960 to 16020.
Actual Strength shall not be expected unless Nifty manages a close above 5 DMA 16060 to 16100 mark for couple of sessions.
ON THE DOWN SIDE :-
As a traders point of view Bears will be more active only after 15735. If breaches further then may test 1st support 15670/55. Swing basis fresh break down only below that then 15600.15555.
Option data suggests a wider trading range between 15500 to 16300 zones due to higher volatility.
India VIX Day to Day basis mild down -0.78 pts from 24.26 to 23.49 levels. Volatility slightly cooled but is still at its higher zones. Market shall remain uncertain unless VIX cools off.
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