Nifty Daily Technical Analysis Report And Strategy 11 May 22

Nifty Analysis Report For 10 May 22

Nifty open gap down on a level of 16248 and buying was seen on that level which lifts Index to a important resistance level of 16400. Strong selling was seen in last hour from the high of the day i.e 16404 which dragged Index to a support zone of 16200. Finally Market closed on a level of 16240 with a loss of 61 points.

Nifty Technical Analysis For 11 May 22

Inverted hammer type of candle can be seen on daily chart which may be a signal of reversal and end of down trend. Inverted hammer is seen with high volume and in a definite downtrend so if Nifty makes green candle then it can be consider a reversal of trend.

PCR is at 0.79 which can be consider in overbought zone. RSI is at its low at 32.41 and can be considered weak. PE ratio of Index comes at 20.42 which indicates a good time to infuse money in the markets. Future data is positive for 11 May 22 and Option data is mildly negative.

Conclusion And Strategy For 11 May 22

For 11 May 22, if Nifty breaches 16400 then 16605 followed by 16660 may be seen and if Nifty breaches 16142 then it can fall upto 16028 followed by 15800 in coming days.

Stocks in focus to buy for long term investment : HDFC, BEML, AMBER, POLYPLEX.