Pre-Open daily Tech view of Nifty Spot for 22-07-2022

Yesterday Nifty Spot finally settled at 16605, Day to Day basis up 84 points.

This is the 5th consecutive positive closing. Advanced from 15900 to 16600.

After flat opening at 16520, narrow range bound move through out the weekly expiry session inbetween 16520 to 16570. But in last leg surged & hit 16626 & closed above 16600.

Technically Nifty formed a bullish candle. Lower side supported by 200DEMA @ 16520 and specially 16480.Upper side Bulls aim to test 16800 & that to be acted as Resistance after crossing 16676. Next major aim to test 200DSMA 17000+. A close below 16480 can trigger a short-term downswing to fill the gap support 16350.

Range :- 16630-- 16480.

On the Upside :- Above 16630 - Resistances are 16676--16731--16765 & major 16820

On the Down side :-Below 16480- Supports are 16444--16390 & major 16350.

Option data indicated that the Nifty could see a trading range of 16400-17000 levels in coming sessions.

India VIX rose by 0.2 percent to 16.86 levels but is still below 17. Though Volatility inched up but still in bull’s comfortable zone.

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