Pre-Open Daily Tech view of Nifty Spot for 05-08-2022


05/08/2022 07:09:34 AM   Aniruddha Chakraborty         41






BY A STAFF REPORTER: 

oday crucial RBI’s Monetary Policy meeting & MPC is scheduled to announce its decision at 10:00 am.


Traders eye on it.



Yesterday volatile session started with a gap up note at 17463 amid positive Global cues, initially high printed at 17490 then in 1st leg of the session huge correction upto 17161 based on Geo-political crisis, weak PMI & trade deficit data breaking day before yesterday’s low 17225 but from lower ends gave a smart recovery specially in last leg of session. 2nd time high printed at 17407 & closed @ 17382, D to D basis down by 6 pts. This was the 1st negative closing after 6 days consecutive higher high –higher bottom formation.



It formed a small-bodied bearish candle on the daily charts with a long lower shadow.


Technically, though this pattern indicates the formation of a Hanging Man-type but there


are no indications of any reversal pattern. Closing was above 5DSMA 17320. Current RSI 75.50.



The trend is likely to remain sideways to negative as long as it remains below 17500. Above 17500, then there is a fair chance of the index moving towards 17700-800 levels. On the lower end, support exists around 17100-17000.



On the up side :-


Above 17420 Intraday basis Resistances are 17455/17484/17525.


Swing basis major hurdles are 17555—17610—17675.



On the down side :-


Fresh bearish opportunity shall arise below 17280 then Intraday basis supports are 17202 and 17155. Swing basis major support at 17076.



Option data indicated that the Nifty could see a trading range of 17100 to 17550 levels in the near term.



India VIX higher closing at 19.26 up by 4.37%. Above 20 favorable for bears.




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