Nifty Analysis : 22 May 2019

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Hello Friends,

Today, Nifty opened at 11725.20 & closed at 11737.90. During the day, nifty touched high of 11782.90 & touched low of 11683.35.
This has formed a doji candle on daily chart.
This is clear indication of indecision ahead of important event of elections results.
Overall Implied volatility has also increased.

Depending on the results and break of high of 11883 may add further buying and nifty may see 12000 to 12500 levels on the upside.
Break of the past two days range low of 11590 will add further selling pressure towards 11150 to 11100 levels on the down side.

Intraday movements will be highly volatile.
For tomorrow, it will be good to wait for the final election result outcome and let the markets stabilize before jumping any trade position.




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Disclaimer: I am not SEBI Registered analyst. All above analysis are just for study purpose.
I am not responsible for any gain or loss arising out of trades taken based on the study shared above.
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Location: India

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