Pre-Open Daily Tech View of Nifty & Bank Nifty Spot for 03.03.2022 & onwards

BY A STAFF REPORTER

Yesterday Nifty opened 200 points lower at 16593 and fell to 16479 amid volatility.

But it erased some of the losses in the late trade, High made at 16678 & settled at 16606, down 188 points or 1.1 %. Nifty formed a Doji – insider narrow range candle on the daily charts where upside was restricted by 5 dma.

Nifty’s movements was range bound as per our pre-defined range & that was 16666 to 16444. Nifty oscillated between these 2 edges & hovered through out the day basically holding mid of these 2 edges i.e. 16555.

For coming session if Nifty sustains above 16444, sideways consolidation with positive bias should continue & in current volatile scenario that may extend up to 16800 & even 16900 levels subject to cross & stays above 16666-16700 mark.

Source : Eureka

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Source : Eureka

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