Pre-Open daily Tech view of Nifty Spot for -12-07-2022

BY A STAFF REPORTER 

Yesterday Nifty fell 4.6 points to 16216, almost flat closing with a negative bias ending a three-day winning run but formed a bullish candle on the daily charts as the closing was higher than opening levels.

After Lower opening at 16136 and fenced by double bottom support area 16115 the benchmark smartly bounced erased all morning losses High printed at 16248 & settled above 16200 at 16216.

After 3 days consecutive gaining consolidative move with narrow range. Bulls were unable to close above 16275 but they defend themselves also above 16100. Therefore, Traders should go long only above 16275 levels, whereas shorting opportunity for intraday traders can arise below 16115 levels.
Today’s 1st 15 min High low may be crucial.

On the upside :- If the index decisively crosses & stays above 16275, the recent high, then it can move towards the 200-day exponential moving average, which is placed at around 16550.

Intraday basis resistances are : 16275 & then 16327—16365 & major 16415.

On the downside :- If the index decisively breaks & stays below 16115 levels with initial targets close to 16000 level.

Intraday basis supports are : Below 16172 1st support 16149 & major 16115.Fresh negativity below whipsaw area 16115-16098 & then only 16060—16016.

Option data indicates that the Nifty may trade in a broader range of 15700 to 16500 in the coming sessions.

India VIX was down 0.14% to 18.37 levels. Now it needs to sustain at lower zones for market stability.

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Source : Eureka

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