Falcon Analytics Outlook Nifty 50 for the week ( May 16 – May20 )
Technically on the daily charts we see major support on the downside for Nifty50 index lies at 15560 levels,
whereas major resistance on the upside is capped around 16387 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 15304/15049 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 16642/16898.
Currently Nifty50 index is trading Below 200 day EMA @ 16819 suggests long term trend is Bearish.
Falcon Analytics predicts range for the week is seen from 15049 on downside and 16642 on upside.
Below Mentioned Spot Levels can be used to trade Long Or Short during the week ahead.
( All Spot Levels)
RESISTANCE 4: 16898
RESISTANCE 3: 16642
RESISTANCE 2: 16387
RESISTANCE 1: 16229
WEEKLY PIVOT LEVELS: 15973
SUPPORT 1: 15718
SUPPORT 2: 15560
SUPPORT 3: 15304
SUPPORT 4: 15049
All above views for education purpose only.