Nifty Daily Technical Analysis And Strategy 20 May 22

Nifty Technical Analysis For 20 May 22

Nifty made a bearish candle on daily chart and showing weakness due to weak global mood. RSI again come down to a level of 34.01 and unable to breach 50 mark to make market bullish. MACD made red histogram on daily chart which is a sign of weakness. PCR come to a level of 0.715 which can be consider in oversold zone. VIX continue increasing and now comes at a level of 24.56.

Conclusion And Strategy For 20 May 22

Important level to be watch fo on 20 May is 15800 followed by 15740. Index can be sort if it breaches 15800 for a target of 15740 and 15670. If Market breaches 15760 then 15500 can be seen in coming days. For bulls buying can be done in Index above 15910 for a target of 15984 and 16080.

Markets are in down trend so be careful in buying. Nifty enters in bull mode once it gives a close above 16400.

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