Pre-Open Daily Tech view of Nifty Spot_07.03.2022

BY A STAFF REPORTER

Asia-Pacific stocks decline in Monday morning – Nikkei drops more than 3%. Oil prices surge.

Here, last Friday Nifty after Gap down open @16339 & then low printed at 16133 <7 months low> & settled at 16245 corrected -253 points. It formed a Spinning Top kind of pattern with long upper & lower tail which indicates indecisiveness. It generated a large trading range of 323 points amid huge volatile session. This is the 3rd consecutive lower sessions. 

Overall trend seems to be in favour of the bears indicating nervousness among traders and investors.

For coming week traders should focus on the following factors & the key items are :- 

Ukraine-Russia War – main factor

& due to that focus on Oil price status – another major factor & Inflation fear.

Domestically States election Results on March 10

Besides that Global data, Selling pressure by FIIs, Macro Economic data & the fear index situation.

Source : Eureka

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Source : Eureka

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