Pre-Open Technical Trading ideas of Nifty Spot for 03-06-2022

By a Staff Reporter: 

Asia-Pacific stocks set for higher start after overnight Wall Street jump.

Here also we may expect a Gap up opening above 16666 & even above very crucial barrier 16700.

Gap up rally may extend upto crucial front barrier 16750-16770 mark initially & then may take some rest.

Yesterday we have expected an explosive movement in weekly expiry & actually that happened.

Moved upto 16646 from day’s low 16443 and closed at almost top of the day i.e. 16628 supported by mainly heavyweight Reliance Industries. Day to day basis climbed 105 points and formed a Bullish Engulfing candle on the daily charts.

After making ISLAND REVERSAL GAP it has sustained above the 16400-mark for four days, showing a positive undertone & that tone confirmed more after crossing & staying above 5 dma 16555. RSI above 50 indicates that expectation of formation of higher top higher bottom.

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Source : Eureka

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