Pre Open Daily cum Swing Trading ideas of Nifty Spot for 12-08-2022


12/08/2022 09:11:52 AM   Pritam Santra         342






By a Staff Reporter 


Yesterday Nifty started with Gap up opening @ 17711 & that was almost day’s High 17719 then through out the day gradually maintained the downtrend. Low printed at 17632 & finally settled at 17659.

Day to Day though closing basis up + 124 points but formed a bearish candle on the daily charts as the closing was lower than opening levels.  

Yesterday’s High was last 4 months high & we are very close of our tentative long term trend line barrier 17777-17800+ and that to be extended upto 18000 too. If we adjoining record high of 18604 in October 2021 and next 2 highs of this year 18350 [Jan 22] -18115 [April’22] then 17777/17800 and extended basis 18000 can be the next possibility. Therefore 17800-18000 may be the crucial juncture.  


*Intraday basis* :-

On the down side Supports are :- 17620—17582—17533—17495.

On the Upside resistances are :- 17708 – 17757 -17795—17844.


Wide basis *Option data*, has shifted higher to 17400-18000 levels, from 17300-17700 levels earlier.


The volatility cooled down after the announcement of US inflation numbers. *India VIX*, fell by 6.29 % to 18.36 levels, making the bulls more comfortable.



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