Analysis of Potential Opening Scenarios:
Gap Up Opening:
If NIFTY opens with a gap above 22300 and maintains itself above 22305 for the first hour, it may continue to rise towards the target level of 22436. However, failing to sustain above 22305 and dropping below 22280 could lead to a retracement rally towards 22170 – 22148. Support might be found around 22093-22044 with a potential reversal expected at this level.
Flat Opening:
In the event of a flat opening, NIFTY might aim for its pending target of 22305 where resistance is anticipated. However, if it starts to decline and sustains below 22195 within the first hour without surpassing the previous day's high, a retracement towards 22093 – 22044 could be seen.
Gap Down Opening:
A gap down opening below 22150, followed by a quick rise above 22200, may push NIFTY towards 22300-22035. Conversely, if prices encounter resistance around 22170 – 22148, a drop to 22093-22044 might occur.
Extended Move:
A move beyond 22436 could lead to 22517 on the upside, while falling below 22044 could target 21917 on the downside.
Conclusion:
The NIFTY's movement on May 15th depends on its opening scenario. Whether it sustains above key levels or faces resistance will determine its direction. Traders should closely monitor the levels mentioned for potential entry and exit points.
Disclaimer:
This analysis is based on technical observations and historical patterns and does not guarantee future results. Traders should conduct their own research and consider risk management strategies before making any investment decisions.
Gap Up Opening:
If NIFTY opens with a gap above 22300 and maintains itself above 22305 for the first hour, it may continue to rise towards the target level of 22436. However, failing to sustain above 22305 and dropping below 22280 could lead to a retracement rally towards 22170 – 22148. Support might be found around 22093-22044 with a potential reversal expected at this level.
Flat Opening:
In the event of a flat opening, NIFTY might aim for its pending target of 22305 where resistance is anticipated. However, if it starts to decline and sustains below 22195 within the first hour without surpassing the previous day's high, a retracement towards 22093 – 22044 could be seen.
Gap Down Opening:
A gap down opening below 22150, followed by a quick rise above 22200, may push NIFTY towards 22300-22035. Conversely, if prices encounter resistance around 22170 – 22148, a drop to 22093-22044 might occur.
Extended Move:
A move beyond 22436 could lead to 22517 on the upside, while falling below 22044 could target 21917 on the downside.
Conclusion:
The NIFTY's movement on May 15th depends on its opening scenario. Whether it sustains above key levels or faces resistance will determine its direction. Traders should closely monitor the levels mentioned for potential entry and exit points.
Disclaimer:
This analysis is based on technical observations and historical patterns and does not guarantee future results. Traders should conduct their own research and consider risk management strategies before making any investment decisions.