Pre-open Daily Tech view of Nifty Spot for 07.06.2022

BY A STAFF REPORTER 

Yesterday Nifty started the week with a gap down opening at 16530. Initially hit the low at 16144 & after taking crucial double bottom support there , maintaining the main Gap of ISLAND Reversal moved up. But narrow range move faced barrier at 16610 & closed at 16569. The session closed 15 points lower at 5 DMA. It formed a Hammer type small bullish candle.

Uncertainty and volatility is still there, all eyes on MPC outcome and economic data due this week.

Range bound move is highly expected between 16400-16700. Down side as long as holds 16400 Bulls have upper hand, above 16666/700 their aim to cross and stays above crucial 200EMA 16740 & specially above 16800. But if breaks 16444-400 & mainly ISLAND Reversal Gap max up to 16370 then possibility to come down further but may take slab near 20dma 16250 mark. Actual negativity below that as swing basis then bear aim to test & break 16000.

Intraday basis Trading levels are :-

Resistances :- 16578—16620—16666. Major 16718.
Supports :-16514—16472—16444. Major 16375.

Options data also indicated that the Nifty could remain in range of 16400 to 16800 levels in the coming sessions.

India VIX still alarming lying above 20. Yesterday rose 1.13 percent to close at 20.20 levels.

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Source : Eureka

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