Pre-open Daily Tech view of Nifty Spot for _05-07-2022

BY A STAFF REPORTER: 

Yesterday Nifty as expectation started with a lower opening at 15710 & initially low printed at 15661. But a smart recovery from support area 15650 level and registered a close above its 20-DMA <15790> & finally settled at 15835. Day’s High was 15852 up by 83 points day to day basis. It formed a bullish candle after Friday’s Hammer type of pattern.

Consecutive basis in last 2 days Nifty bulls gave a smart healthy recovery from day’s low which indicates chances of crossing front hurdle 15927 - 16000 & to test the main barrier 16180/16200.Positional basis sustainable rally only above 16180/200 mark.

Therefore, traders can go for long positions subject to hold 15600 trail by 15660 for 16100 & above.

On the upside :-

R: - Above 15865 - 15905 - 15930 -15988.

Above 16000 swing based major 16050/095 & extended basis 16121—16180

On the down side :-

S:- Below 15777 - 15730--15700.

Below 15700 swing based major 15660-15600. Fresh negativity below 15550.

Therefore as per Technical the broader trading range is 15500 to 16200 in the coming sessions.

India VIX, cooled to 20.97 levels, Day to day basis down 1.31% better for bulls.

Rupee settles flat at 78.94 against US dollar.

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Source : Eureka

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