Pre-Open Daily Tech view of Nifty Spot for 20.05.2022

By a Staff Reporter:  Yesterday Nifty was in a complete bear grip with a big Gap down opening & erased almost 3 consecutive days bouncing gain from 15735 to 16400. Day to day basis Nifty plunged 431~ points, or 2.65%, to close at 15809 amid growth concerns and inflation worries.

After Gap down Nifty Opened at 15917 & High made at 15984 < exactly 5 dma was acted as barrier > & selling pressure through out the session extended upto 15775 & closed at 15809.

Technically speaking, Nifty was in a falling mode for last 10 consecutive sessions from 17377 to 15735 & in last 3 days bouncing 38% retracement hurdle 16365 crossed but rally fizzled out at 16400, though expectation was minimum 50% i.e. 16500/550 not met.

Bearish closing with lower top forming but as long as holds 15735 <+/-30> Bulls will try to defend themselves and try to fill the last Gap in between 15985 to 16211.

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Source : Eureka

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