Pre-open Daily Tech view of Nifty Spot for 23-06-2022

BY A STAFF REPORTER 

Yesterday Nifty plunged 225.50 points or 1.44% to 15413 and formed a bearish candle on the daily charts after a sustainable upside bounce on Tuesday. Lower open fizzled out at 15565 & then slipped upto 15386 .

Further bear move amid weak global cues and recession fears. Lack of bullish strength at higher levels to sustain the upside bouncing.

On the Upside :- 1st resistance 15444/470 & then next intra day hurdles are 15511/15537. Crucial barrier is 15585-15610 < 9 dma hurdle> – cautious areas for bulls.

On the Downside :- immediate basis 15370 support area, any decisive break down will add to further weakness. Intraday basis lower supports are 15340--15300-15240 & even upto 15200/180.

Therefore the main range for immediate session is 15600 to 15200 <+/-20/30 both sides roughly>.

Extended basis 15700—15000.

Today expiry – expected edge both side :- 15585 to 15240.

India VIX, the fear index, rose by 0.74 percent to 21.3 levels sustaining above the 20 mark discomfort for bulls.

Option data indicates that the Nifty’s immediate trading range could be 15200-15600 in the coming sessions.

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Source : Eureka

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