Pre-Open Daily Tech view of Nifty spot for 28-04-2022

By a Staff Reporter:  Yesterday Nifty’s opening was lower at 17073 and fell up to 16958 in the afternoon, but it showed about 80 points recovery from that low point and closed with 162 points loss at 17038. Day’s High was 17110.

Ahead of the expiry of April derivative contracts Nifty formed a small-bodied Hammer kind of candle pattern formation on the daily charts as there was some recovery from the day's low. The Hammer is a bullish reversal pattern formed after a decline.

Last 3 days Nifty is lying in a range of 17150/17200 < 200dma > & 16850 <200 ema >/16800.

The overall chart pattern indicates that the Nifty is now preparing for a big movement beyond this range though volatility is still there. We can see explosive expiry.

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Source : Eureka

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