Nifty Daily Technical Analysis Report And Strategy 27 May 22

Nifty Technical Analysis For 27 May 22

After a long time, Index made a green candle on daily chart which is hammer kind of pattern and more interesting thing is that it come in down trend which can be a sign of reversal. One more thing to notice is India VIX drops more than 10% today when market in down trend. It indicates immediate bottom is in place and market can be reverse from the levels. RSI sloping upwards and come to a level of 44.53. If it breaches 50 this time then long bullish rally can be seen in Index. MACD making green histogram on daily chart . PCR comes to a level of 0.986 which can be consider neutral now but if it reaches around 1.1 then be cautious because Nifty facing resistance near 1.1 level of PCR in past few weeks.

Conclusion And Strategy For 27 May 22

For 27 May 22, Nifty may remain in bullish mode as it gave a strong close near to its high. Buying can be done in Index for a target of 16400 and if Index holds 16400 then 16500 followed by 16650 can be seen in coming days. For Bears Index can be short below 16130 for a target of 16080 followed by 15911.

Stock to buy : Bajaj holdings, VBL.

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