Pre-Open Tech View Nifty & Bank Nifty Spot_04.02.2022

By a staff reporter: 

Yesterday Nifty after flat opening High made at 17781 but from starting correction started as expectation failing to stay above crucial hurdle 17800. Snapping three-days winning streak Low printed at 17511 & settled at 17560. Nifty lost 219.80 points, or 1.24% D to D basis. Nifty formed a strong engulfing 1st bearish candle after recent rally of 1000 points from almost 16800 to 17800 .

Nifty Spot :- Last closing 17560 -

On the Upside :-

Intraday basis Resistances :- 17617—17647—17675 & Swing basis 17718—17748—17781

Summary :- Resistance 17700-17800. Break out only above 17800

In the middle :- 17500—17600 which is No Trading Zone. Bounce is likely if the Nifty holds above 17500.

On the Down side:-

Intraday basis Supports :- Below 17480---17430 & Swing basis 17340—17250 –17200.

Summary :- Supports 17430—17340. Very major 17200. Break down only below 17200.

So initial basis crucial range 17800 to 17200 & extended basis 17040 to 18040 beyond the initial range either side. Traders should focus on dips. The trend will remain positive as long as the Nifty sustains above 17400 on a closing basis.

Bank Nifty spot:- - Last cl 39010

R :- 39300—39500—39650—39850 & S:- 38850—38700---38400—38165

Source : Eureka

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