Pre-Open Daily Tech view of Nifty Spot for 06-07-2022

BY A STAFF REPORTER: 

Yesterday Gap up opening above 15900 at 15909 & then false break out above 16000 – High printed at 16025 but failed to hold & profit booking started from mid of the day & through out the latter part of the session correction continued upto almost 20dma 15765 < low 15785> & finally settled at 15811.

Nifty day to day basis declined 25 points & technically formed Negative candle on the daily chart with a long upper shadow and the current chart pattern indicates the possibility of further weakness in the short term. Expectation to test 15666—15555 further but if Nifty Bulls manage to defend 15765 and able to cross 16000 mark further then the bulls can make another attempt at bridging the bearish gap with a close above 16172 levels.

On the upside :- Resistances are above 15828 --- 15885--15941--15977. Major 16033.

On the downside :- Supports are below 15765 --- 15735-15705--15666. Major 15606.

Option data indicates that the Nifty could see a trading range of 15500 to 16300 in the coming sessions.

India VIX, fell 0.88 percent to 20.79 levels.

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Source : Eureka

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