Pre –open Daily Tech view of Nifty Spot for 16-06-2022

BY A STAFF REPORTER 

Yesterday night FED announced a 75 basis point rate hike, which had been widely anticipated by the market. Stocks took a leg higher after Powell said that a 50 or 75 basis point increase “seems most likely” at the next meeting in July. Powell did caution, however, that decisions will be made “meeting by meeting.” Wall St was closed in Green. Asia –Pacific markets also open in positive mood.

Here also expectation of positive & Gap up opening near or above 16800.

Yesterday Nifty declined 40 points to 15692 and formed a small-bodied bearish candle which resembles the Inside Bar kind of pattern formation on the daily charts. Inside Day candle pattern, indicating silence before the big event.

Though downtrend continued for the 4th consecutive day & an another volatile and rangebound session for the market but one positive thing was there that Nifty has been respecting 15650 levels and this time also it is sustaining above that level since past three days, which shows the 15650 levels would act as an immediate important support on the downside. As long as holds 15650 chances of reversing possible. The upside resistance is placed at 15886 (current week high) followed by 16000 mark.

Intraday basis Positive above 15760 Resistances are 15808-15849 and 15888.

On the down side swing basis Bears will get active below 15639 & 15599 for a move towards 15575 & 15535.

Expected Expiry range edge Upper End 15888 & Lower End 15535.

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Source : Eureka

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