Pre-open Daily Tech view of Nifty Spot for 06.06.2022

By a staff reporter- 

Last Friday though Nifty started the session with a big GAP up note at 16761 crossing crucial 200 EMA hurdle 16750 & initially extended upto 16793.85 but this initial false break fizzled out just before testing crucial barrier 16800.

Selling pressure throughout the day & more intensified after breaking 16700 corrected upto 16568 & finally settled at 16584 just below 5 dma 16600 erasing total morning GAP.

Day to day basis down -44 points & formed a bearish candle on the daily charts & traders should cautious as it can be an early indication of short term reversal if sustains below 16666-16600 mark but on the down side 16460-440 may be the Trend Deciding range. Today expected opening mute amid reddish Global cues & if initially corrects upto that chances of take a pause before breaking crucial ISLAND Reversal GAP 16370—16443.
Fresh swing basis negativity if fills up the Gap & corrects more then 2nd pausing slab at 16270-230.

Positional basis big barrier in between 16700-800 range. This bullish move may extend more if crosses & stays above 16800.

Intraday basis Trading levels are :-

Resistances :- 16600 – 16666 –16707—16745
Supports :- 16510—16461—16422—16391.

India VIX has come down. Friday settled at 19.98. But for market’s more stability, it should remain below 17.50.

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Source : Eureka

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