Pre-Open daily Tech view of Nifty Spot for _07-07-2022

BY A STAFF REPORTER 

Yesterday after flat opening at 15818 amid volatility Nifty bulls gave a gradual up move towards 16000 < High printed at 16011 > & closed at almost top at 15990, day to day basis up by 179 points or 1.13%.
Closing basis highest closing after 10 June’22. Nifty formed a bullish candle as per daily chart.

Technically, we may hope that such bullish move maintaining support 15750 <20dma> & 15777/800 <5dma> & attempting to cross the trend line upper channel hurdle & 30dma = 16000 mark may extend towards 16100-16140 <50dma> & even more than above towards 16170/200 and that will close the bearish gap zone created in mid-June.

As an extreme bullish case this rally may expand towards 200 EMA i.e. at around 16550 levels.

Currently, 100-150 point dip can be considered as an attractive opportunity to create fresh long positions.

As a swing basis on the down side any close below 15777/750 shall trigger fresh weakness.

Intraday basis:-

On the upside:- Resistances are above 16004 - 16054-16104 & then 16135—16184.

On the down side:- Supports are 15924--15875--15844 & 15794.

India VIX also favoured bulls on Wednesday, declined 2.5 % to 20.27 levels.

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Source : Eureka

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