Nifty Analysis Report 17 May 22
Nifty open gap up on a positive note on 15912 and after making a low close to its open price i.e 15900. Nifty gain the momentum and continue to break all the resistance ahead and made a high of 16284. Nifty after gaining 400+ points closed on 16259 equal to its high.
Nifty Technical Analysis 18 May 22
A strong green candle on daily chart followed by a doji on previous day shows positive sign for market in coming days. RSI sloping upwards and come on a level of 41.41 which may extend upto 50. MACD making green histogram on daily chart. PCR is at 1.115 which is neutral and can support market to go in any direction.
Conclusion And Strategy 18 May 22
For 18 May 22, market is bullish and can test 16450. According to option chain short covering was seen today and it looks as Bears got trapped , So buying can be done in Index for a tgt of 16318,16410,16450. If Nifty breaches 16400 and sustain for 1 hour then strong buying can be done in Nifty.