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Daily Technical Report For 05/05/2022

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NIFTY started the day on a positive note but after making a high of 17132, it fell sharply and breached the 17k mark in early trade. The selling intensified as NIFTY broke the key support of 16850. It made a low of 16623 and ended weak below the 16700 mark. NIFTY has broken the 200DEMA. Now NIFTY can test 16400 and below that 16150 in the coming days thus any bounce back would be an exit opportunity from the long positions. On the upside, now the range of 16900 - 17000 will pay as a strong resistance for the short term.

Today's Picks On 06/05/2022

Share Market Daily Picks Manas Jaiswal

Ultratech

Sell

  • 6355
  • SL: 6500
  • TGT: 6000
Share Market Daily Picks Manas Jaiswal

Muthoot Finance

Sell

  • 1213
  • SL: 1231
  • TGT: 1175

Nifty Imp Levels For 06/05/2022

Open 16854
High 16945
Low 16651
Close 16682
S 1 16574
S 2 16466
R 1 16868
R 2 17053

Actionable Ideas On Nifty for 06/05/2022

Action SL TGT
Buy above 16900 16800 17100
Sell below 16574 16651 16400
Show Timings
Manas Jaiswal Technical Research Group