Pre-Open Daily Tech view of Nifty spot for 27.04.2022

BY A STAFF REPORTER 

NIFTY FORMED A HEAD & SHOULDER TYPE BEARISH FORMATION.
INCASE BREAKS NECK LINE <16800-16777> MORE BEAR ACTION POSSIBLE.

Last night US market in Bloodbath as Earnings Disappoint, Tech Tanks, Concern of economic slowdown.
Dow -809 pts -2.38%. S&P - 2.81% & Nasdaq -3.95%.
Here today further not only lower but also Gap down opening is highly expected.

Day to day basis tremendous volatility. Yesterday after higher opening at 17121 maintained the positive trend throughout the session, though in the afternoon it came off the day's high to drop to the day’s low of 17064. But the index extended the rally in late trade to settle 247 points, or 1.5 % higher at 17201 i.e. just below 200DMA . Nifty formed a bullish candle on the daily chart after two bearish candles.

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Source : Eureka

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