Pre-Market Analysis Trade Report for Tuesday:
Taking into consideration the construction of the Bullish Hammer candlestick pattern on the daily charts, which is a bullish reversal pattern developed during the downtrend, as well as the powerful intraday trend reversal that occurred in the previous session, it is anticipated that the market will continue its upward path. As a result, the Nifty 50 may encounter a barrier on the higher side around 22,200-22,300. However, if the index is able to conclusively close above 22,300, then it may be conceivable for it to travel northward towards 22,500-22,600, with support at levels of 22,000-21,900, according to the experts.
The benchmark indices continued their upward trajectory for yet another session. This occurred on May 13. Following a rebound of 283 points from the day’s low, the BSE Sensex finished the day at 72,776 with a gain of 112 points, while the Nifty 50 finished the day with a gain of 49 points, reaching 22,104.
According to Vinay Rajani, CMT, senior technical/derivative analyst at HDFC Securities, “On the higher side, band 22,300-22,320 could act as a resistance,” while the low of 21,821, which was posted on May 13, will continue to be support for the Nifty in the immediate term.
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Analysts advice on Pre-market analysis trade report
Osho Krishan, a senior analyst at Angel One who specializes in technical and derivative research, believes that the creation of a Hammer candlestick on the daily chart following a string of sell-offs is a hint of a reversal pattern. However, it would be premature to make such a claim, and a subsequent session is necessary to confirm the same.
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