Pre-Open Trading ideas of Nifty Spot for 27-05-2022

BY A STAFF REPORTER:  Yesterday after 3 days corrective mode Nifty was in bouncing back mode. Closed near the day's high (16204) at 16170, up 144 points, or 0.90%.

Nifty formed a bullish hammer candle on the daily scale with a long lower shadow, indicating buying on declines.

After this smart intraday recovery from 15900 Nifty now at almost 16200 but still in wide consolidation range between 15900 and 16400 levels.

It has to hold above 16150 & mainly 16060 levels on the down side & on the upside to cross-stay above 16260+ for an up move towards 16333 & then 16400 to 16500, whereas supports are placed at 16060 and below that 16000 (major). Cautious at higher – focus on dips.

Upside :- R :- 16222—16263—16333/377

Down side S:- 16150--16101—16060/16006

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

India VIX was down by 10.14% from 25.28 to 22.72 levels. It cooled down but it needs to come down to 18 zones for market stability.

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Source : Eureka

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