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Indian markets saw a tug-of-war between bulls and bears on 24 May 2022, which was eventually won by the bears as indices ended lower. The Sensex slipped 236 points, to trade at 54052, while the Nifty fell 89 points to 16125. Banknifty outperformed the headline indices, gaining 0.12% to close at 34290. India VIX was up 9.57% from the closing bell to end above 25 levels. Nifty remained directionless during the day which caused volatility in the market. On the upper end, 16300 should remain a short-term resistance. Lower end support remains at 16100-16000. Going forward, volatility could persist in the short term. Any decisive breakout above 16300 can trigger a strong directional move in the market. The Nifty has confirmed the shooting star pattern on a daily time frame, suggesting downward momentum for an upcoming session. Furthermore, Nifty has been trading in a range of 15800 to 16400 for the past 14 days, a breakout on either side can set another direction. Additionally, Nifty has indicated a close below the 21-day moving average, indicating weakness in the meter. However, momentum indicators MACD and Stochastic traded with a positive crossover, reversing from oversold territory on a daily chart, suggesting northbound movement in the counter. The Nifty could find strong support around 16100 while 16,300 on the upside could act as an immediate barrier. On the other hand, Bank has sent support at 33500 while resistance stands at 34600.
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