Pre-Open Daily Tech view of Nifty Spot for 10.02.2022

BY A STAFF REPORTER 

Significant day. RBI policy – Weekly expiry today.

RBI policy at 10 AM. Try to take trade 15 mins after once the policy is over.

Short term basis support generating at 17040 & making a Hammer kind of pattern expectation was reverse bouncing but confirmation was required. Yesterday Nifty jumped 197 points or 1.14% to 17463 and formed a bullish candle on the daily charts with Gap ahead of RBI’s MPC.

Indicator RSI also supportive 48 - moving higher after positive bullish bending from near 40-mark, indicating increasing bullish momentum in the prices.

17300-17260 will act as a support zone but higher side towards 20 DMA 17640 may act as resistance. If the prices manage to sustain above this level, we might see the index move higher and test the 17700-17800 mark further.

Source : Eureka

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