Pre-Open Daily Tech View of Nifty spot for 29-04-2022 & onwards

BY A STAFF REPORTER 

Nifty Spot jumped 207 points or 1.21% to 17245 and formed a small-bodied bullish candle on the daily charts.

Yesterday on the day of April expiry we have seen strong bullish reversal from crucial support 17070 & today we may see another big move. Subject to hold 16800/17000 the index is expected to rebound towards 17500-17800 levels in the coming sessions.

On the upside :-

Bulls need to move above 17333 & 17355 for a move towards 17400 & then 17444-17470. A sustainable close above 17470 levels, the strength shall eventually extend towards 17525/555 to 17606 & even 17700 levels in coming sessions.

On the down side :-

Intra day basis fresh weakness only below 17190 for a move towards 17135--17070.

These are crucial one & that should hold. Fresh weakness only below 17070/040 then expected lower supports are 16960--16888 but for the major breakdown, the Nifty needs a close below 16800 levels.

The Option data indicates decent support at 17100 and reasonable resistance at 17500 & wider trading range of 16800 to 17700 levels in the coming sessions.

The India VIX fell by 5.95% to 19.38 levels.

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Source : Eureka

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