Pre-Open Daily Tech view of Nifty Spot for 24-05-2022

BY A STAFF REPORTER 

Volatility persists everywhere. Last night though in US market DOW jumped more than 600 points but Futures fell after that. Asia-Pacific markets subdued as investors weigh possible U.S. tariff cut on China goods.

Yesterday Here, Nifty gave a positive start at 16290, traded in the green in the first half but failed to stay above tentative hurdle 16400 (High 16414). After false break out Fizzled out & slipped from there. 2nd half was in a complete corrective mode & settled at 16214, down by 51 points, or 0.32%, and formed a small-bodied bearish candle on the daily chart.

On the Upside :-

Nifty has to hold 16144-128 <5dma support> to extend this bounce towards 16400 & 16464 <20dma >.
Break out only above that & then that to be extended upto 16555 to 16666.

On the downside :-

Main support exists at 16061 and 16000. Fresh bear action if decisively breaks that & then that to be extended upto 15950-15870. Very major 15800—15740.

The options data suggests a trading range between 15800 and 16500.

India VIX was up by 1.29 percent from 23.10 to 23.39 levels.

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Source : Eureka

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