Pre-Open daily Tech view of Nifty spot _31.05.2022

BY A STAFF REPORTER 



Yesterday the week started with a very strong bullish recovery. Huge Gap up opening above 16500 & after crossing our 1st tentative hurdle 16555 <30dma hurdle> Nifty maintained it’s strength through out the session and not only test the 2nd & major weekly barrier 16666 but also extended upto 16695 & settled finally almost top at 16661. This was the 3rd consecutive straight day gain amid green global cues and a fall in the US dollar index.



Nifty surged 309 points or 1.9% to 16661 and formed a bullish candle on the daily charts and formation is ISLAND REVERSAL which resembles strong bullish break out and signals more upside for the short term. Island Gap support mainly in between 16484 to 16506.



Expectation was bullish break out above 16400 and surprisingly major projected targets met in a single day. Now next front barrier at 16755 i.e. 200day exponential moving average and if it crosses & stays above that then chances are there to reach 16900-17000 & even 17100 mark further. After upside break out of consolidation strategies should be changed from trading to trending & traders may take a chance of buy on dips strategy as a short term basis.



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Source : Eureka

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