Pre-Open Tech View of Nifty & Bank Nifty Spot for 23.02.2022

By a Staff Reporter:  Again a gap down open but intraday recovery.

Yesterday Nifty gave a Gap down opening as expectation - Op & Low 16848/844 but after testing 200 dma 16850 there was some buying at lower levels basically in last couple of hours of trade above 16900/927 bouncing was smart & recovered most of the morning gap losses, High made at 17148 our expected major hurdle 17160 almost met. Nifty finally settled at 17092 declined more than 100 points <-114 pts> but formed a bullish candle on the daily charts, though this was still consecutive basis 5th lower top lower bottom formation.

Today chances of further bouncing possible towards 17250 to 17300/350 as a continuation of last day’s recovery subject to hold 17040/17000. Higher end may be further cautious area for traders & down side 16940/900 vital support now, fresh negativity only below that.

Source : Eureka

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Source : Eureka

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