Pre-Open Daily Tech view of Nifty Spot for 01.04.2022

By a Staff Reporter:  Yesterday Nifty Spot opened with a slight gain around 1st crucial area 17520 but whipsawed at 2nd vital zone 17555/60, slipped from there. Day’s low finally at 17435 & Settled at 17465. Day to Day basis down by -33 points.

Yesterday Nifty gave a narrow range bearish mode with high Volatility, formed a small-bodied bearish candle on the daily chart as the day was crucial March F&O Expiry & last day of the Fin Yr 2021-22.

1st day of the new session may start with bearish mode amid Red global cues.

On the Down side:- 1st support at 17426 & major at 17387. If it breaches 17387 can damage the positive momentum further & then down side move towards 17333. Swing basis that may extend upto 17260 & 17200.

On the upside :- 1st Resistances :- 17524 & above that 17555. Major 17608. < Intraday basis cautious area for bulls >. If only stays above 17608 then only extended basis swing barriers are 17666—17691.

The options data indicates that the Nifty could see a wider trading range of 17000-18000 in the April series.

India VIX, the fear index was down 0.24% to 20.56. Current vital support 19.60 & immediate major resistance 23.

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Source : Eureka

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