Pre-Open Daily Tech view of Nifty Spot for 27-06-2022

Volatile week’s positive recovery mainly supported by Positive global cues, softening of crude prices, reduced FII selling, a progressing monsoon, short-covering and value buying in beaten-down quality stocks.

Last week Nifty bounced 500 points from recent low area 15180/90 and that may continue on coming session with a huge surging with Gap up opening amid strong Global cues. *But stability at higher ends is highly questionable* - cautious at higher.

In case Gap up opening near and above 15900 then initially profit taking may possible. Bulls should neutral or with strict stop – intra basis sell at higher ends as 15900-16000 is a crucial barrier range.

But positional basis traders should focus on dips & maintain bullish bias as long as the Nifty does not go below the immediate support level of 15350. Indicators RSI-Stochastic –MACD still are showing their potentiality to move up further.

*On the upside* :- 1st Resistance at 15770 & 2nd 15830 – 3rd and major at 15909-935.

*On the down side* :- 1st sup at 15690. If braches then next supports are :- 15630(2nd) & major support (3rd) at 15559. Closing basis should not break 15500 <5dma support>. If braches then very short term basis further weakness.

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Source : Eureka

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