Pre-Open daily Tech View of Nifty Spot for 14-07-2022

BY A STAFF REPORTER 

Yesterday Nifty corrected 92 points to 15967 and formed a strong bearish engulfing candle on the daily charts. This was the 3rd consecutive lower high lower bottom formation.

Though opening was Higher at 16128 but failed to cross previous day’s High 16158, slipped from there not only broke 50dma vital support 16040 but also filled the runaway gap which was created on July 7, 2022, indicating a bearish undertone for the short term. It corrected upto 15950 & closed at 15967.

Technical indicators are also showing short term basis some negative momentum that indicates more correction that to be continued upto either 15888 or even for more bear action upto 15800/777 mark . Current RSI 49.80.

Weekly basis strong fencing at down side 15777-730 < 20 dma support area > & that should hold to maintain the uptrend. Fresh negativity below 15700/15660.

Weekly basis fresh positivity if only stays above 16100-16160 mark. Main strength will resume only after crossing 16275-300 mark.

Intraday basis :-
On the Down side :- Below 15944 next support at 15888/70. Extended levels are 15835—15790.

On the upside :- 1st Resistance 15990/16020 & then vital 16060. Above 16060 next resistances are as extend basis 16100-16134.

India VIX, flat closing. Fell 0.14% to 18.52. It needs to stay below 18 for market stability.

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Source : Eureka

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