Pre-open Daily Tech view of Nifty Spot_26.04.2022

Pre-open Daily Tech view of Nifty Spot_26.04.2022

Yesterday as expectation Nifty opened gap down at 17009 & then corrected upto 16889 but because of high volatility in last 30 mins almost 100 points loss recovered & finally settled at 16954. Day to Day basis plunged 218 points, or 1.27% and formed another bearish candle.

This is the 2nd consecutive basis extended losses amid increasing COVID-led lockdown fear in China and hawkish commentary of Fed officials dampened sentiment.

Nifty immediate basis mainly range bound in between 17300 <100 dma> to 16850 <200 ema > .

200dma = 17200 already broken.

But as long as Nifty Spot holds 16850/800 chances of reversal though may face cautious hurdles around 17250-17350 range. Fresh negativity & more bear action only below 16850/800 closing basis.

Fresh bullish move & more bull action only if stays above 17450/500.

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Source : Eureka

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