Pre-open Tech view of Nifty Spot for 02.02.2022

Pre-open Tech view of Nifty Spot for 02.02.2022

Yesterday on the Budget Day Nifty gave a Volatile but 2nd consecutive positive session.

Initially almost 200 points higher opening at 17529 but Budget Day strong positive momentum failed to sustain above 17600 < High 17622 > & vertical fall in afternoon not only erased all initial gains but also even broke last day’s closing 17339. Low printed at 17244 but after testing immediately rebounded & ultimately settled below 17600 at 17576. D to D basis up 237 points or 1.37%.

Nifty formed Hanging Man kind of pattern with long lower shadow which indicates exhaustion at higher end of current ongoing short term rally which started from 16836. Day’s bottom of the candle was supported by 5 dma 17244 & upside restricted by 17600+ but strong barrier at 17666 where 13 & 26 DMA bearish crossover generated.

Source : Eureka

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