Pre-Open Daily Tech View of Nifty Spot for 06.05.2022

BY A STAFF REPORTER 

Last night US market tumbled further. Dow suffered its biggest one-day slump since 2020, as Treasury yields climbed to multi-year highs. Dow slipped 3.1%, or 1,063 points, S&P 500 fell 3.6% and Nasdaq fell 5%.

Here another Gap down opening below 16623 is very likely. If the index breaches 16600 levels, then initially it should slide down into the zone of 16450 – 16400 levels & that to be extended upto 16200 too i.e. 78.6% retracement level of the same.

Yesterday Nifty opened with almost 200 points gap up surging & broke 200EMA 16860. High printed at 16945 but whipsawed at 5 DMA hurdle 16950 and then slipped from there, gave a good fall erased the total morning Gap & low made at 16651. Fell from 16950 levels correcting almost 300 points from top finally settled at 16683. Day to Day basis up just 5 points and formed an another bearish candle on the daily charts.


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