Moneyites May 18, 2020 No Comments

Nifty Tips:- In the previous session, The NSE main index Nifty 50 declines by -331.60 points or -3.43% to close at 8823.25. The index opens with strength but reverses sharply and after breaching the support level of 9110 it kissed both the target of the downside as mentioned in the previous report.

Day Trading:- The Nifty index forms a long bearish candle on the daily chart. Its index fourth consecutive day of selling in a row and the index lost almost 750 points in the last four trading session. Technically, The index is looking a bit oversold and if the support level of 8800 is not violated then we can expect some bounce back to the levels of 8940-9050 to the upside.

As our levels decode the daily market movements in simple support and resistance levels with high accuracy. So we recommend keeping the below levels at the back of your mind before going for the intraday trading.

Nifty Support and Resistance Level:- The index has immediate resistance at 8940 above this it may retest the level of 9050-9175 to the upside. Whereas below the level of 8800 it is looking weak and may retest the support level of 8720-8640 to the downside.

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Also Read:-Markets:- How to Trade Nifty on Monday?

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