Pre-Open Daily Tech View of Nifty spot for 21-06-2022

BY A STAFF REPORTER 

Yesterday Nifty finally gave a green closing after 6 consecutive bearish mood defending last week low 15183 that to be acted as vital support for coming sessions. We have seen an another volatile session with same narrow range specially in between 15200 to 15400. Higher Op @ 15334 but initially it slipped from crucial level 15363 to the day’s low of 15191 but recovered losses, intraday basis high made at 15382 & closed at 15350 up by 57 points.

The market could be waiting for US Federal Reserve chairman Jerome Powell's testimony later this week.

After last Friday’s Doji Nifty formed a Hammer type candle which resembles consolidations and a small sign of bouncing for an initial target of 15600 subject to hold 15183.

On the upside :-

Resistances :- Above 15400—15450—15500 & major 15555-15600

Confirmation closing basis only above 1st Resistance 15500 <5dma> & more specially 2nd Resistance 15600.

On the down side :-

Supports :- Below 15292—15233—15183 & then as a break down major 15116/15050.

Swing basis weakness may extend towards 14900.

Option data indicates that the immediate trading range for the Nifty will be 15100-15700.

India VIX was down 1.51 percent to 22.41.

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Source : Eureka

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