Pre-open daily Tech view of Nifty Spot for 10-06-2022

BY A STAFF REPORTER: 

Shares in Asia-Pacific declined in Friday morning trade ahead of China and U.S. inflation data.

Last night Wall ST slumped. Dow plunged 638 points, S&P 500 slipped 2.38% & Nasdaq dropped 2.75%.

According to Global negativity here expectation of weak opening erasing almost yesterday’s total gains.

Yesterday Nifty gave a perfect bounce from support area 16250 zone. After consolidating during early hours, gained strong momentum in the last couple of hours of trade specially after crossing vital hurdle 16400/444 mark & moved upto 16492, snapping a four-days losing streak. It finally settled at 16478 up by +122 points day to day basis.

It formed a bullish candle which also resembles a Bullish Engulfing kind of pattern formation on the daily charts. The rally was led by private banks, technology, pharma stocks, and index heavyweight Reliance Industries.

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Source : Eureka

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