Pre-Open Daily Tech view of Nifty Spot for 08-06-2022

BY A STAFF REPORTER: 

Yesterday Nifty Spot declined 153 points or 0.92% to 16416 and formed a bearish candle on the daily charts. This was the 3rd consecutive lower top lower bottom formation. Gap down opening at 16469 and specially below 16444 corrected upto 16347.

Today crucial RBI Monetary Policy meet & ahead of that traders are maintaining slightly cautious stance.

RBI Policy outcome around 10:30 AM. Wild swings expected. Chances of rate hike further and that is discounted but question is how much. Any hike or any hawkish comment which indicates more than anticipated rate might dampen the mood further and could keep our markets in corrective mode.

Current swing range 16470—16340.

On the down side :- Bears will get more active below 16340 for a move towards 16277-16206 & after that extend upto 16166 to 16108. But any strong dip should be used to buy as the markets could bounce sharply from lower ends.

On the upside :- Otherwise if it is Dovish & as per market expectation then chances of further reversal

For Swing Traders Bulls need to move above 16444/469 for a move towards initially 16490 - then 16555 & 16600/630. Major 16666.

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Source : Eureka

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