Pre-Open Daily Tech view of Nifty spot for 04.05.2022

By a Staff Reporter:  Last day almost 200 points Gap down opening but initially defended by crucial support level 16900 which was very close of 200 Ema land mark & then recovered in late trade supported by Banks. After High printing at 17092 ended almost flat at 17069 amid volatility. Nifty fell 33 points and formed a bullish candle on the daily charts. Traders eyes mainly on FED decisions.

Bulls aim not only to cross 5-9 DMA at 17160 but also test & cross 200DMA 17235. As a short term basis another round of bullish bouncing can not be ruled out subject to hold 16900 and 17000 though main trend is still zig-zag range bound current basis 16900-17300 & wide basis 16800-17400.

On the upside :-

Positive above 17100 for a move towards 17160-17230. Major 17278 & 17343.

On the down side :-

Negative below 16954 for a move towards 16900--16875 & 16824.

Options data suggests a wide trading range of 16700- 17400 for the Nifty.

India VIX was up by 4.46% at 20.28 levels.

Open Trading A/c Online @ https://kyc.eurekasecurities.net/home/index/729 - Use promo code QGXY1S for special discount.

Please contact the below telephone nos for trading.

+91 98312 00699 / 82749 09974

Please download mobile trading app using below link

https://play.google.com/store/apps/details?id=com.eurekasec.eutrade

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.