Pre-Open Daily Tech View of Nifty Spot for 05.05.2022

By a staff reporter:

Yesterday Night US market rallied, as Fed increased its benchmark interest rate by 50 basis points as expectation for the second time this year, but Chairman Jerome Powell cooled fears of more aggressive rate hikes at upcoming meetings. Dow gained 2.8%, or 932 points, the S&P 500 rose about 4% & the Nasdaq surged 3.2%. SGX Nifty 16877 +188 points.

Here yesterday Nifty has decisively broken crucial support levels of 16850/800 mark and tanked nearly 400 points to 16678, forming Long Black Day kind of pattern on the daily charts after RBI’s sudden complete unexpected hawkish surprising move.

Technically after breaking 200EMA 16860 & lower edge 16824 of crucial range <16800-17400> all Bearish targets done at a stretch. Day's Low 16623.95 exactly hit 16620 i.e. very vital 61.8% retracement level of previous rally from 15671 to 18114.

Today’s first 15 mins high and low will decide the trend of the day.

On the down side :- Therefore last day’s low is an important down side slab & fresh negativity only below that. Then down side door may open for 16520—16400 & even upto 16200.

On the upside :- But as long as holds 16620 chances of reverse pull back & expected pull back hurdles are 16732—16797—16862 and then major 16955. Traders may wait for pull back for higher level selling.

India VIX, was higher by 7.86 percent to 21.88 from 20.28.

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Source : Eureka

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