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Nifty Analysis for 19/05/2021

Above is the 15 minutes chart for Nifty as of 18/05/2021. Nifty opened the gap up but could not move ahead after posting the day's high of 15137.25. It closed at 15108.10. If you observe in the above chart it was moving along the upper red line but closed below TEMA 89. So today it may reverse to find support on MA 34 line, MA 55 line, or lower red line.

In the Nifty daily chart, we can see a Doji candle on the upper red line. But here it has closed above the TEMA 89 which is a positive sign. Right now TEMA 89 is placed at 14949.92. So it very likely that Nifty may find support above this level. Watch for the same today.

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