Pre-open Daily Tech view of Nifty Spot for _04-07-2022

Expectation is positive opening amid G cues & through Gap up opening Nifty may able to cross the front barrier 15800/830.

Last Friday Nifty closed at 15752 declined by 28 points. It formed a bullish candle that resembled a Hammer pattern on the daily charts.

Initially day low printed at 15511 but healthy recovery through out the rest day specially in last 1 & half hour smart surging above 9dma = 15700 and extended upto 5dma 15793.

Almost after 300 points bouncing from day’s bottom Nifty restricted before crossing crucial 20dma = 15830 & settled finally at 15752.

Coming week Traders will focus on Corporate earnings, FOMC meeting’s minutes, status of OIL prices, position of Indian Rupee against the US Dollar, Position of FII outflow, inflation concern etc…

Friday’s Healthy recovery from day’s low holding the important base 15555 & after crossing 2 levels 15600 & 15700 may be raising hopes for further upside <15930 & 16018> in coming session but sharp upside likely only above 16180/200.

On the upside :-

Nifty Resistance: Above 15800/830 - 15861/890. Major 15930. For next rally towards 16018-16070, sustainable upmove only above 15900-15950 is very essential.

On the down side :-

Nifty Support: 15710—15681—15650 & then only major 15619—15555.

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