Pre-open Daily Tech view of Nifty Spot for 29.06.2022

BY A STAFF REPORTER: 

Expected opening further weak today amid weak global cues. Last night Dow corrected 500 points.

Yesterday here gap down opening at 15757 then initially low hit at 15710, maintaining 15700 mark the index gradually moved up. Main recovery mainly after crossing 15800 in last hour of trade.

Day’s high 15892 & closed at 15850. Day to Day basis Nifty gained 18 points formed bullish candle on the daily charts.

Though positive candle as per closing and Closing almost 100 points higher than opening but after 3 consecutive rally yesterday printed a lower top lower bottom formation filled up the rising time GAP <15750-15815>. Nifty currently range bound stage in between 5 DMA 15650 & 20dma - 15950 . Widely speaking that range is 16050 to 15550.

On the down side :- Intraday basis Bears will get active below 15777 for a move towards 15743—15714 – 15685 & major 15650. As long as holds 15650 Bulls are safe & this is the very short term basis buying opportunity on dips but if breaches decisively 15650 then extended supports are 15611 to 15550.

15550-15470 is the final support of this current rally & that should hold buy bulls as a short term basis.

On the upside :- For Swing traders Bulls need to move above 15820 for a move towards 15850—15888 & 15921. Only above that extended resistances are 15950 to 16020. Bulls main aim to test 16200.

Bulls should cautious at higher ends as long as stays below 15950/16000 mark.

India VIX rose 2.1 percent to 21.45 levels. It has to cool below 20 for the market stabilise.

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Source : Eureka

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