Pre-open Daily tech view of Nifty spot for 02-06-2022

BY A STAFF REPORTER 

Yesterday Nifty started with a flat opening at 16594 and then climbed up to 16649, but lost all gains in the afternoon and fell up to 16439, though in last trade gave a smart recovery & finally settled at 16523, down 62 points as day to day basis. It formed a small bearish candle on the daily charts.

Yesterday market remained volatile & facing hurdle at 16700 & even after crossing 16740 which may act as key resistance now. Global markets muted amid inflation concerns and contraction in China's factory activity. Oil price at $117 a barrel, which is a major concern. Today due to weak global cues chances of lower opening here erasing yesterday’s late hour gain.

Yesterday we did not got the big move but today expiry & we should see explosive move.

Though upside capped but in near-term uptrend of Nifty still remains intact & buy on dips opportunity could be considered as long as it holds above 16400 & more specifically 16330 as on closing basis.

On the upside :- for intraday positive Above 16567 for a move towards 16631. Major 16688 & break out basis 16740.

On the down side :- for intraday Bears will get active below 16444-410 for a move towards 16372-16333. Major support 16280-16220.
Expiry based expected main range Upper: 16688 & Lower: 16333.

India VIX rose 1.79 percent to 20.85 levels, indicating the discomfort for bulls going ahead.

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Source : Eureka

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