Pre-Open Daily Tech view of Nifty Spot for 22-04-2022

By a Staff Reporter:  Expected opening weak amid weak Asia-Pacific cues as the Fed’s Powell hints at 50 basis point hike for May.

Yesterday Nifty Spot gave a higher Gap up opening at 17234 & most of the session traded in positive territory to hit the day's high of 17414. Finally, it settled at 17392, up by 256 points or 1.50%.

Nifty formed bullish candle on the daily charts after the Bullish Harami Candlestick pattern in the previous session.

Technically. Nifty Spot Current Trading Range is 17320/290 to 17460/490 < up>.

On the down side - Below 17290 Supports are 17217--17170 & major 17130-17070. These should hold otherwise Bears will further active & extended supports are 16950 & even may further retest 16824.

On the Upside - Break out only above 17500 then break out hurdles are 17570--17620--17700.

The option data indicated that a wider trading range for the Nifty for coming days, has been shifted higher to 17000-17650 levels from 16800-17350 levels .

India VIX, corrected further, by 4.39%, to 17.85 levels, which is another supporting factor for the Bulls.

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Source : Eureka

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