Pre-open Daily Tech view of Nifty Spot for 30.06.2022

BY A STAFF REPORTER 

Yesterday Nifty corrected 51 points to 15799 but formed a bullish candle on the daily charts in the sense that Cl> Op<15701>. Though lower opening at 15687 & then High 15861, difference almost 200 points but actually through out the day narrow range movements almost 100 points & this is the second such pattern back-to-back in the last two sessions.

Week started with Gap up opening at 15927 but faced resistance there & then in next 2 days Nifty has declined gradually. Today Thursday not only last day of the month but also crucial monthly expiry day of the derivative segment. Volatility may persists – current expected range in between 15650/600 & 15900/950 . Beyond this range from new series actual direction may clear either side.

On the down side :- Current support 15745 & then 15704. Fresh weak below 15685 & then extended support at 15645 & major positional support 15605/555 that should hold. Fresh bear action below that closing basis.

On the upside :- For Swing traders Bulls need to move above 15820 to 15850 for next hurdle 15888 & 15912 <20dma>. Only above that extended resistances are 15950 to 15995. Bulls main aim to test 16200 after crossing 16000/16060. Bulls should cautious at higher ends as long as stays below 15950/16000 mark.

India VIX, the fear index, increased by 2.09 percent to 21.9 levels, which is a discomfort for bulls.

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Source : Eureka

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