*Pre-open Daily Tech view of Nifty Spot for 09.02.2022*

BY A STAFF REPORTER

Yesterday though Nifty printed a 4th day consecutive fall – lower top lower bottom but took support from 17040 i.e. 78.60% retracement support of recent rise. Intraday basis fall was restricted from there & as per expectation pull back occurred, specially in the second half of the session.

Op & High 17279 & 17306. Day’s pivot hurdle was 17289 & as per expectation failed to sustain above 17300 then continuous fall & day’s low 17043. 

After bouncing Nifty finally settled at 17266, up 53 points and formed a Hammer kind of pattern with long lower shadow formation on the daily charts.

Three sessions of sharp decline seems to have halted and the overall chart indicates another minor upside bounce from here or from the lows of around 17000 mark. The expected upside bounce could be short lived and possibility of another lower top formation below 17800 mark.

If further bouncing extends then :-

*On the Upside* above 17286 – Resistances are :- 17348—17410. Major 17448-17510.

Otherwise 

*On the down side* below 17247 – Supports are :- 17185—17123. Major 17085—17040.

*Option data* indicated wider trading range of 16800 to 17600.

*India Vix* down -0.75 points to 19.68 levels indicating choppiness.

Source : Eureka

Please register at https://kyc.eurekasecurities.net/home/index/729 for opening Trading and Demat Account.