Nifty view for 06/05/22

Nifty has given a spinning top candle on a weekly close and is trading below its 20 ema.

On hourly candle, it has closed below the 20 ema and was bearish in the second half of the trading session.

It lost around 135 point in a single hourly candle and closed near the day's low.

Nifty still not closing above its 200 DMA and has fallen after taking a resistance from it.
Support :- 16500, 16480, 16400
Resistance :- 16640, 16700

Wait for the price action near the levels before entering the markets.