Nifty view for 19/05/22

Nifty again tested it 16400 level of resistance and retraced heavily to its support level.

There is still a moving average divergence.

On hourly time frame, it has closed above its 20 ema.

It has closed near its strong support level and above its 200 ema on 15 minute analysis.

Support :- 16210, 16080
Resistance :- 16400, 16480

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