Falcon Analytics Outlook Nifty 50 for the Expiry week ( May 23 – May27 )
As Discussed in Last Weekly Analysis Nifty sold off from major resistance @ 16387 while the major support for the week @ 15560 was not breached.
Technically for this week on the daily charts we see major support on the downside for Nifty50 index lies at 15726 levels,
whereas major resistance on the upside is capped around 16386 levels.
If Nifty50 index breaches major support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 15474/15222 and and if breaches major resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 16542/16794.
Currently Nifty50 index is trading Below 200 day EMA @ 16783 suggests long term trend is Bearish.
Range for the week is seen from 15222 on downside and 16794 on upside.
Below Mentioned Spot Levels can be used to trade Long Or Short during the week ahead.
( All Spot Levels)
RESISTANCE 4: 17046
RESISTANCE 3: 16794
RESISTANCE 2: 16542
RESISTANCE 1: 16386
WEEKLY PIVOT LEVELS: 16134
SUPPORT 1: 15882
SUPPORT 2: 15726
SUPPORT 3: 15474
SUPPORT 4: 15222
All above views for education purpose only.
Regards,
MD .
As Discussed in Last Weekly Analysis Nifty sold off from major resistance @ 16387 while the major support for the week @ 15560 was not breached.
Technically for this week on the daily charts we see major support on the downside for Nifty50 index lies at 15726 levels,
whereas major resistance on the upside is capped around 16386 levels.
If Nifty50 index breaches major support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 15474/15222 and and if breaches major resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 16542/16794.
Currently Nifty50 index is trading Below 200 day EMA @ 16783 suggests long term trend is Bearish.
Range for the week is seen from 15222 on downside and 16794 on upside.
Below Mentioned Spot Levels can be used to trade Long Or Short during the week ahead.
( All Spot Levels)
RESISTANCE 4: 17046
RESISTANCE 3: 16794
RESISTANCE 2: 16542
RESISTANCE 1: 16386
WEEKLY PIVOT LEVELS: 16134
SUPPORT 1: 15882
SUPPORT 2: 15726
SUPPORT 3: 15474
SUPPORT 4: 15222
All above views for education purpose only.
Regards,
MD .
