*Pre-Open Tech view for 07.01.2022*

BY A STAFF REPORTERt

After 4 days very fast consecutive surging almost 700 points < 17245-17945>, yesterday 5th day broke the winning streak amid strongly negative global peers as FOMC minutes indicated a faster-than-expected rate hikes. The rising coronavirus cases also dented sentiment.

Nifty after initial correction bounced from 17655 < day’s low> & then after consolidation momentum gathered above 17700< 5 dma support> then High 17797.But facing resistance at 17800 barrier finally settled at 17745. Day to day basis down -179 points. 

*17800 on Upside and 17655 on downside break any side will lead to 200-250 point move in Nifty.* 

*On the Upside :-* 

Positive above 17777 & mainly above 17805/818 then Intraday resistances are 17848 and 17871. 

Swing based hurdles are :- 17905-17959.

*On the Downside:-*

Weakness below 17721 & mainly below 17700 then intraday basis supports are 17666 and 17655. 

Swing based negativity below that then 17620—17586 & 17532.

*The Option Table data indicates decent support at 17600 and reasonable resistance at 18000.*

*Remarks* :- Traders may utilize any retracement basis correction upto 17600-17500 levels as a buying opportunity subject to hold 17400 with an upside towards 18000-18200 levels.

Source : Eureka

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