Pre-Open Daily Tech view of Nifty spot for 05.04.2022 & onwards

Pre-Open Daily Tech view of Nifty spot for 05.04.2022 & onwards

Yesterday week started with higher opening at 17809, generating a GAP in between 17800 to 17700 and throughout the session maintained bullish trend , hit day's high 18115 & settled at 18053, Day to Day basis up 383 points or 2.17%.

Technically, Nifty formed another bullish candle & if this rally sustains above 18111/150 that can test and cross 18350 mark but before that mild profit taking & some sort of consolidation possible.

As a continuation of last Friday’s massive surging yesterday was the 2nd consecutive bullish move stipulated by HDFC-HDFC Bank merger mega news and positive global cues.

Consistent fall in volatility is another cause of market stability. India VIX was down by 2.86 % to 17.91.

Option data suggests revised trading range from 17800 to 18350-18500 levels, from 17500 to 18000 earlier.

But current RSI at 70 very close of cautious hurdle. Immediate trend line hurdle 18111-18150 & then projection = 18350. G A P SUPPORT 17800-17700 & 5DMA = 17600.

On the upside :-

R :- 18111--18150 - 18181 as Intra day basis & then as a 2nd phase 18229--18276 --18350.

On the down side :-

S :- 17990--17950--17877 as intraday basis & then as a 2nd phase 17830--17800/777.

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Source : Eureka

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