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Nifty Spot Weekly Outlook 16th May to 20th May

Falcon Analytics Outlook Nifty 50 for the week ( May 16 – May20 )

Technically on the daily charts we see major support on the downside for Nifty50 index lies at 15560 levels,
whereas major resistance on the upside is capped around 16387 levels.

If Nifty50 index breaches major support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 15304/15049 and and if breaches major resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 16642/16898.

Currently Nifty50 index is trading Below 200 day EMA @ 16819 suggests long term trend is Bearish.

Falcon Analytics predicts range for the week is seen from 15049 on downside and 16642 on upside.

Below Mentioned Spot Levels can be used to trade Long Or Short during the week ahead.

( All Spot Levels)

RESISTANCE 4: 16898

RESISTANCE 3: 16642

RESISTANCE 2: 16387

RESISTANCE 1: 16229

WEEKLY PIVOT LEVELS: 15973

SUPPORT 1: 15718

SUPPORT 2: 15560

SUPPORT 3: 15304

SUPPORT 4: 15049

All above views for education purpose only.

Regards,
MD .