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Nifty Analysis for 20/05/2021

As expected yesterday, Nifty got corrected to a low of 15008.85. In 15 minutes chart above TEMA 89 is and MA 34 are down. MA 55 and MA 200 are up. Nifty is now below MA 55. This correction may end today.

On the daily chart, Nifty has posted a Doji with a long upper leg. But it is indicating indecision. Here all 4 MAs are moving up. So as per daily charts nifty is going up. After completion of this correction, Nifty may cross an upper red line. Most important is nifty has closed above 15000 marks for last 2 days.

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