Pre-Open Daily Tech view of Nifty Spot for 09-06-2022

BY A STAFF REPORTER 

Yesterday Nifty corrected 60 points to 16356 and a reasonable negative candle was formed on the daily chart, which has placed beside the small negative candle of the previous session & it was the 4th consecutive negative session after RBI hikes repo rate by 50 bps to 4.9 percent.

Though initially higher open at 16475 and moved up to 16514 but day’s high was restricted by 5 dma just above 16500 & slowly drifted down after the RBI policy announcement & that was extended in afternoon. Nifty broke critical short term support 16400 & low printed at 16293. Finally settled at 16356, down 60 points. Markets end lower as RBI withdraws 'accommodative' stance, raises inflation forecast.

For immediate coming sessions we may see big move as Nifty has formed an Outside bar Pattern yesterday. As per daily chart pattern Nifty is lying specifically between 2 important moving averages .

On the up side:- 5 dma range hurdle 16500-550. Fresh bullish move only above that.
Intraday basis current immediate hurdle 16400-16444. Bulls need to move above 16405 for a move towards 16444—16480 & major 16515. Break out hurdle 16610-16666.

On the down side :- swing support is defended by 20dma 16250 to max 16200. Fresh negativity only below that. Intraday basis Weak below 16330 then lower supports are :- 16300—16260—16225.
Break down basis 16166-16108.

Option data clearly indicated that the Nifty could see trading in a range of 16200 to 16600 levels in coming sessions.

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