NIFTY Prediction for today 16 May 24
Nifty has already given the breakout. right now it's in the consolidation phase of WAVE 1.
If we look at the chart now:
Market is in sideways zone in range: 22098-22293
Important Levels:
Support zones: 21811 , 21944, 22098
Resistance: 22544, 22763
If we look at OI data:
PCR = 0.73, shows neutral structure. as it's expiry market is highly probable to end sideways in the provided range. if we got the momentum it is likely to be bullish. 22200 is going to provide maxPain.
If we look the FII and DII data it is more of indecisive.
Verdict:
Sideways in range
Bullish if breaks the range 22293 to upside.
If we look at the chart now:
Market is in sideways zone in range: 22098-22293
Important Levels:
Support zones: 21811 , 21944, 22098
Resistance: 22544, 22763
If we look at OI data:
PCR = 0.73, shows neutral structure. as it's expiry market is highly probable to end sideways in the provided range. if we got the momentum it is likely to be bullish. 22200 is going to provide maxPain.
If we look the FII and DII data it is more of indecisive.
Verdict:
Sideways in range
Bullish if breaks the range 22293 to upside.
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