Nifty Daily Technical Analysis Report And Strategy 12 May 22

Nifty Analysis Report For 11 May 22

Nifty opened gap up and tried hard to move up but found resistance on 16300 level and fell down to a level of 15992. From where some buying were seen which took Index to a level of 16200 and finally Nifty closed on 16167 in negative.

Nifty Technical Analysis For 12 May 22

Again a bearish candle can be seen on daily chart and technical indicators are still showing weakness in markets. RSI still below 50 and trading on a level of 32.30. PCR is still in oversold zone and at a level of 0.7. According to option chain, 16100 is looking a level of little bit struggle between Bulls and Bears.

Conclusion And Daily Strategy For 12 May 22

For 12 May 22, if market breaches 16080 towards downside then Nifty can be short for a target of 15990,15863. Buying can only be done in market , if it breaches 16400 for a target of 16650.