Pre-Open Daily Tech view of Nifty Spot for 25-05-2022

By a Staff Reporter:  Yesterday we have seen another volatile session. Nifty gave a flat start at 16225 but High only at 16262, failed to cross immediate hurdle 16275/85 mark. Slipped from there, not only broke 16150 but also tested upto 16078 & settled at 16125, down by 89 points, or 0.55%, and formed an another bearish candle on the daily chart after day before yesterday’s Shooting Star type bearish formation.

Technically, closed at 5 DMA level 16125 & that down side supported by 3 dma 16030 & psychological base level 16000 mark.

On the Upside :-

Nifty has to hold 16030-16000 & better to stay above 16125 <5dma> to witness to bounce towards 16280 -- 16333 & 16400.

Break out only above 16420 <20dma> & then only that to be extended upto 16555 to 16666.

On the downside :-

Below 16100 Main support exists at 16030 and 16000. Fresh bear action if decisively breaks that & then that to be extended upto 15950-15910. Very major 15850—15775. A close below 15775 shall open up much bigger downsides for the index.

The options data suggests a trading range between 15800 and 16400.

India VIX was up by 9.56 percent from 23.39 to 26.63 levels. Fear Index spiked to near 26 zones, which is giving discomfort to the bulls and needs to come down for market stability.

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Source : Eureka

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