Pre-Open daily Tech View of Nifty Spot for 20.06.2022

Last Friday Nifty finally settled the extreme bear week at 15293, down by 67 points day to day basis forming a Doji pattern as per daily chart and a bearish candle on the weekly frame. This was the 6th consecutive corrective session hitting a new 52-week low 15183.

we have seen a volatile narrow 200 points range bound session <15200-15400>.

For coming week Traders’ will be busy mainly on :- Recession - Inflation & G cues - Oil prices-FII/DII status-Retail panic- RBI MPC meet minutes- Monsoon watch & latest Covid situation.

Technically on the upside :- 15360-15410 is the important zone for Monday session. For minimum reverse rally primary condition is price sustainability above that then it may move towards 15444-15495 intraday basis. Swing basis major hurdles are 15555 & then only 15620.

On the Down side :- Intraday basis supports are 15222—15175. If slips below 15175 in the next session fresh weakness. Extended basis Supports are 15145 -15090. Swing basis fresh negativity below 15100 & bear action can be extended upto 15050 to 14950 mark.

Therefore initial basis current range is 15600—15000 < +/-50 both sides >

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Source : Eureka

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