Pre-Open Daily Tech view of Nifty Spot_08-07-2022

BY A STAFF REPORTER: 

Yesterday session started with strong Gap up opening above 16000 mark at 16113. High printed at 16150 & finally settled at 16133. Day to day basis climbed 143 points supported by Positive global cues after Fed minutes, a drop in oil prices and several measures announced by the Reserve Bank of India (RBI) recently to improve foreign flows boosted sentiment.

A decline in India VIX below 20 levels at 19.20, down 5.25 percent also supported bulls.

A small positive candle was formed with a long lower shadow but technically it formed a Doji kind of indecisive pattern on the daily charts. We are currently at a make or break out stage.

As a swing basis :-

In case Bulls grip expectation to move towards 16300-16550 mark <200ema> & even more than that subject to cross Gap hurdle 16180.

Otherwise in case Bears action expectation to correct towards 15700/500 & even retesting 15200 further & below subject to break 15900.

As intra basis :- Cl:- 16133

On the Upside R :- 16180—16220—16278-16322

On the down side S: – 16050—15990– 15940--15888

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Source : Eureka

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