*Pre-open daily Tech view of Nifty Spot_06.04.2022*

BY A STAFF REPORTER

Global cues weak ahead of FED minutes Release. Asia-Pacific stocks slip as 10-year U.S. Treasury yield surges.

Yesterday Nifty after higher opening at 18080 climbed up to 18095 levels but failed to test & cross crucial trend line barrier 18100/18150. Correction started from there & through out the day correction continued amid volatility. More down side after breaking 18000 mark and hit a day's low of 17921, and finally settled at 17957, down by 96 points or 0.53%.

On the upper hand Nifty restricted by crucial trend line hurdle 18150 & downside to be prevented by 17791 < upper edge of Gap support > & 17710 < 5-day simple moving average> after 2 days big rally with a huge Gap inbetween 17703– 17791. Nifty erased almost 100points gain forming a bearish candle on the daily charts. 

*On the upside:-* Positive above 18000+ then intra day basis Resistances are 18050 & 18100/150.

 Pull back may fizzle out from any one of these hurdles. Otherwise may extend upto 18200—18270 & major 18350.

*On the downside:-* Negative below 17920 then expected lower supports are 17885, 17856 and 17820. Swing basis major 17777—17710. 

*The Option Table data* indicates decent support at 17900/800 and reasonable resistance at 18200/300.

*India VIX* after 8 consecutive negative closing sessions 1st day tried to bounce taking support from 200Days Simple Moving Average & nearly up 3.24% to close at 18.49 levels.

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Source : Eureka

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