*Pre-open Daily Tech view of Nifty Spot_25.04.2022

*Pre-open Daily Tech view of Nifty Spot_25.04.2022

Last Friday Nifty plunged 221 points to 17172 & formed a bearish candle on the daily charts after 2 consecutive days big bullish reversal, which indicated bear strength further.

Nifty settled just around 200dma 17180 which was fenced by 100dma 17290/300.

In case weak or another Gap down opening amid negative Global cues below 17149 then initially the down fall can be extended upto 17030 & 16980.

On the down side :-

If Nifty fails to cross 17191 & breaches 17149 then 1st lower support 17088 & below that 2nd

17030. Extended basis major 16980 & extreme case 16942.

On the upside :-

If able to cross 17212 then 1st hurdle 17275. Major upper barriers are – 17315 & extended basis 17378.

Therefore, as volatility is high Nifty’s current trading range is 16900 to 17400 levels.

Better focus on strong dips & be cautious at upper ends.

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Source : Eureka

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