• Nifty started the week on a flat note and remained consolidated for most part of the week; however, the last couple of trading session's gains pulled the index higher to end on a
positive note. Nifty closed at 16352 with a gain of 86 points on a weekly basis
• On the weekly chart the index has formed a Bullish candle with a long lower shadow indicating buying at lower levels
27 May,2022• The chart pattern suggests that if Nifty crosses and sustains above 16400 level it would witness buying which would lead the index towards 16600- 16900 levels
• However if the index breaks below 16100 level it would witness selling which would take the index towards 15800-15600.
• For the week, we expect Nifty to trade in the range of 16800-15900 with a positive bias
• The weekly strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias
positive note. Nifty closed at 16352 with a gain of 86 points on a weekly basis
• On the weekly chart the index has formed a Bullish candle with a long lower shadow indicating buying at lower levels
27 May,2022• The chart pattern suggests that if Nifty crosses and sustains above 16400 level it would witness buying which would lead the index towards 16600- 16900 levels
• However if the index breaks below 16100 level it would witness selling which would take the index towards 15800-15600.
• For the week, we expect Nifty to trade in the range of 16800-15900 with a positive bias
• The weekly strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias