Pre-Open Daily Tech view of Nifty Spot_08.03.2022

BY A STAFF REPORTER

Yesterday was another Black Monday.

Nifty initially after a Gap down opening < Gap in between 16133-15944 > & finally corrected 382 points or 2.35%, hitting fresh low at 15711 closed at 15863 after slight bouncing. 

Nifty formed a perfect Doji type candle on the daily chart which indicates indecisiveness.  

Even after yesterday’s massive overnight Global sell-off & though overall trend seems to be in favour of the bears completely but still as we are very near to another bottom slab 15650-15550 & initially 15700 even after breaching 15777, chances of mild reversal can not be ruled out.  

Reversal may further fizzle out if fails to fill the last Gap 15944-16133. 

15950-980 rounding 16000 to be acted as major resistance now.  

*Option data* indicated a wider trading range for the Nifty at 15500 to 16500 levels for coming sessions.

*India VIX*, the fear index, rose 5 % to 29.33.

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Source : Eureka

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