Nifty Daily Technical Analysis Report And Strategy 06 May 22

Nifty Analysis For 5 May 22

Nifty opened gap up due to positive global sentiments on a level of 16854 and reached our target of 16930 with a high of 16945. At 16950 market saw strong selling pressure view weekly expiry and weak technical data. Index again tested 16650 and closed below 16700. Bearish candle can be seen on daily charts which indicated weakness of bulls in crossing 17000 mark.

Nifty Technical Analysis For 06 May 22

RSI sloping downwards and comes to a level of 39.21. MACD making red histogram on daily charts which also shows weakness of markets.

Conclusion And Strategy For 06 May 22

Important level to watch is 16620, If market breaches the level of 16620 and hold below the level for 2 hours then 16450 may be seen in quick time. For upside, buying can only be done in market once it breaks the level of 16800 and hold. If Nifty sustain 16800 then 16950 followed by 17070 may be seen in coming days. As per my view 16000 to 16800 is no trading zone where market may go either side.