Nifty view for 07/05/22

Nifty has clearly taken support from its 20 DMA and is trading between its moving averages.

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

Support :- 16500, 16480, 16400
Resistance :- 16640, 16700

Market looks choppy and a clear trend is still not defined.

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