Nifty Intraday Outlook for 16th May

In the Last Analysis we discussed, Bulls need close above 11252 for the move towards 11350/11420. Bears need to move below the 11000-11050 range for further downside.

Yesterday Nifty made the high around 11286 & corrected almost 150 points, struggling near 11290 levels. It’s is a classic example of how earlier Support (11290) becomes Resistance.

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The view is still the same, on close above 11252 Bulls can rally towards 11350/11420 and Bears must save 11000 on eod basis.

Critical Support for today in Intraday is at 11110/11065/10980 Resistance is at 11200/11245/11320.

Note: Above mention price projection & other Information are for educational purpose only.