Nifty May Decline view Spinning Tops on Continue 2 Trading Sessi

NSE:NIFTY   Nifty 50 Index
MAY 15, 2018
Nifty Outlook For Tomorrow May 16, 2018
Nifty Outlook : Index opened with 6 points gain & closed with losing 6 point at 10806 after making a day’s high of 10929 and day’s low at 10781. So, Index traded for the from 10781 to 10929 with a range of 150 points.

We saw that Index opened flat view formation of spinning top on previous session, 14 May 2018. Totalling indicating entry of Bears, succeed to make Index open flat. But, Nifty surges after opening view Karnataka election result in favour of CG .

That rally made Nifty to surge 120+ points and made a day’s hight at 10929 (Picture 1) with in 25 minutes of market opening. But Index could not sustained even for a 15 minutes and started declining and closed losing 6 points from day’s open and made spinning top again.

Nifty facing strong resistance around 10930 levels due to Bears entry or we can say Bulls are booking profit resulting forming spinning tops on continues two trading sessions. Next support level at current index value is coming at 10720 levels where very short term moving average lying.

If Index manages to break these levels than Nifty can decline to 10400 levels where long term moving average is lying. So, range or we can say Nifty Outlook for trading session of 16 May 2018 is coming out from 10720 to 10930.

Nifty may open flat or few points declined view formation of spinning tops for continues two trading sessions.

Point of Trade:
Keep an eye on SGX Nifty for opening trend and levels.

Immediate Support – 10720

Strong Resistance – 10930


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