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

BY A STAFF REPORTER: 

Yesterday Bank Nifty started with a positive opening at 38111 and remained under pressure for the 1st leg of the session and low printed at 37250. But in last leg of the session with smart recovery settled at 37756. D to D basis down by 234 points and formed a bearish candle on the daily scale indicating cautiousness ahead of the RBI policy outcome on 5th August.

On the Upside :- It has to hold above 37830 levels to make an up move towards 38050 & 38300. Swing basis above 38300 – 38444/38500 & 38666 levels.

On the Down side :- Supports are placed at 37500 and 37250 levels. Fresh weak below that then swing basis supports are 37070—36800.

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Source : Eureka

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