Pre-Open daily Tech view of Nifty Spot for 02.05.2022

Pre-Open daily Tech view of Nifty Spot for 02.05.2022

Last Friday Nifty shed 143 points to 17102. Closing time in last 1 hour session’s dramatic huge sell-off.

Failing to cross crucial hurdle 17400 High printed at 17377 & hit day’s low at 17053.

Formed a big bearish engulfing candle on the daily scale.

Main key factors that will keep traders busy next week: Earnings- LIC IPO- US Fed Meet- FII figs –Oil price- Covid cases and the ongoing war in Ukraine.

The sharp intraday downward reversal of Friday from near upper range could signal probability of Nifty revisiting the lower range of 16900-16800 levels in this coming week. A sustainable rally should not be expected until the close above 17400.

Considering the volatility, Nifty maintaining a consolidation range of about 600 points between 16800 and 17400 levels. It is a trading market, narrow range zig-zag momentum not a trading one & as long as it holds that strategy traders may sell/ profit book at upper barriers & buy on dips near 16800 <+/-50>.

On the down side :- Expectation of Gap down opening today. Below 17050 Supports are 17000—16950/25. Major 16888-16865<200ema>. Swing basis trend change only below 16825/800 .

On the Upside :- 1st pull back hurdle at 17108 & then 17140-17177-17202/230<200dma >.

Intra basis major & cautious hurdles at 17280—17330.

For Opening DP and Trading account, Mutual Fund Investments and Two/Four Wheeler Insurance Renewal, please contact 9836000699

#sharemarket #financialmarket #opentrading #opendemataccount #opendemat #sharemarket #insurance #insurancebroker #insurancebroker #trading #Buyback #IPO #mutualfunds #mutualfundinvestment

Exclusive for ANM News Viewers - ANM's Financial & Insurance Related News - To join our group please visit https://www.facebook.com/groups/668263891032421

Source : Eureka

Please register at https://kyc.eurekasecurities.net/home/index/729 for opening Trading and Demat Account.