Pre-Open Daily Tech view of Bank Nifty Spot for 02-08-2022
02/08/2022 07:15:47 AM Poulami Das 413
BY A STAFF REPORTER
Yesterday week started with 100 points higher opening around 37600 and low printed at 37400. Hit the day's high of 37940 & settled at 37900. Day to Day basis almost 400 pts higher closing.
It was the 4th consecutive higher highs higher lows formation and formed another more bullish candle. To maintain the bullish up trend it has to hold above 37750 for an up move towards initially 38000 & then only 38250 to 38500 roughly, whereas supports are placed at 37500 and 37200 levels rounded. Therefore current expected range is 37000 & 38000. If stays above 38000 more strength & below 37000 fresh weakness.
Traders should cautious at higher as indicators are slightly overbought, consolidation or profit taking is very likely.
R:- 1st 38000/38100 then 38300 & swing basis major 38600/38800. S:- 1st 37750 then 37550—37200 – and swing basis major 37000/36800.
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