The sharp rally in the previous session failed to excite today's 18 May 2022 trading as the market did not benefit from the firm start and rather ranged to finish marginally lower. The rampant selling of FII weighs on investors and worries of subdued growth as interest rates raise weigh on sentiment. . After trading higher in morning trades, the market became volatile in midday trades on Wednesday, ending with minor losses. The Sensex closed 110 points lower at 54208 and the Nifty Shit Shop 19 points lower at 16240, a day before the end of weekly F&O. Nifty found resistance at the key resistance at 16400 and slipped below it before closing with a minor loss. On the daily chart, the index remained well below the short-term moving average. The daily RSI is in the bullish crossover. On the daily charts, Nifty has formed a small bearish hammer type of candlestick pattern, suggesting some range bound activity in the near future. For intraday traders, the 16200 to 16100 levels would act as key support zones. Above that, the index could rise to 16400-16500. On the downside, below 16100 could be vulnerable and retest 16000 -15900 levels. The trend should remain sideways in the short term. Resistance at the upper end is 16400. At the lower end, support is visible at 16000.
Resistance: 16300, 16400, 16500
Support: 16200,
16100, 16000
No comments:
Post a Comment