Pre-open daily Tech view of Nifty Spot for 15-06-2022

BY A STAFF REPORTER: 

Yesterday Nifty’s opening was 100 points lower at 15674 & Yearly low printed at 15659. Then one unsuccessful pull back attempt intraday basis fizzled out from day’s high 15858 and almost making a double bottom finally settled at 15732. Day to Day basis down -42 points. Traders are maintaining their cautious stance ahead of interest rate decision by US Fed.

This is the 3rd consecutive lower closing and chartically formed an Inverted Hammer kind of formation with long upper shadow. That may be primary indication of short-covering-basis pull back reversal subject to hold yearly double bottom area 15660-670.

On the upside :- Intraday basis Positive above 15765 & 15784 for upper hand barriers 15799, 15840 and 15888. Swing basis 15950—16040 & major 16145.

On the down side :- Intraday basis weakness Below 15714 for downside lower end initially 15670-15640 and 15610. Fresh weakness below that & then swing basis 15555—15444 & 15333.

Option data suggests that expected widely trading range 15400 to 16200 in the coming sessions.

India VIX was down 2.13% to 21.89 after previous day’s massive surging almost from support 19 to 22. But Volatility is still high, indicating that the trend still favoured bears.

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Source : Eureka

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