Nifty Daily Technical Analysis Report And Strategy 23 May 22

Nifty Analysis For 20 May 22

On daily charts, Nifty made a strong bullish candle and closed near its day high i.e 16266 (16283 high). Closing can be considered as a positive point for markets to move ahead in positive territory. RSI sloping upwards and come on a level of 44.36 near to 50. For market to go in bullish mode it should breach level of 50 and hold. PCR come at a level of 1.078 from where Markets are facing resistance in past. MACD making green histogram on daily chart. FII start buying in Futures and Long position comes at 39.41. Two things which create pressure on Index is FII ( if they again start selling) and PCR.

Nifty Technical Analysis For 23 May 22

According to option chain, 16300 is looking a minor resistance and 16200 is looking a level of support for Index. So if Nifty open flat or positive buying can be done in Index for a target of 16320, 16410, 16484. If Nifty gives a close above 16400 or hold for one hour above 16400 then long position can be hold for a target of 16700 in coming days followed by 17000 in Jun.

Conclusion And Strategy For 23 May 22

If Nifty breaches 16240 then Nifty can be sort for a target of 16170, 16080 and 16000. Strong selling can be done in Index if it breaches 15740 and hold for an hour or close below it. Then Nifty can test 15200 in coming days. On daily chart Nifty is looking to trade in a zone of 15800 to 16400. Breaching either side can give a move of around 600 points.

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