Pre-Open Daily Tech view of Nifty Spot for 26-07-2022

BY A STAFF REPORTER 

Yesterday Nifty was down 88 points, or 0.53% & 1st day of the week settled at 16631.

Volatile session started with a weak note at 16662 then corrected upto 16564 but maximum morning fall was erased and bounced upto 16684 though in last hour that intraday gain almost vanished .
Closing basis though bulls able to hold 16600 but this was the 1st time negative closing after 6 days consecutive positive move.

Index snapped it’s winning streak amid weak global cues and selling in auto and oil - gas sectors.
Sentiments may have turned negative & Traders seem to be cautious ahead of Fed meeting<27th July>.

The Index has formed a small-bodied bearish candlestick pattern which resembles a Doji kind of pattern formation on the daily charts. Indicators are showing some sign of downward move so slight profit taking as per expectation failing to cross 16800 can not be ruled out.

On the Down side :- Below 16600 1st support at 16560<5DSMA> & 2nd major at 16520 . Only below that swing based major Gap support inbetween 16483-16360.
Therefore Supports are :- 16560—16520 –16483 & then 16420—16360.

On the upside strength shall be expected at a close above 16752 levels with initial crossing above 16706. Resistances are :- 16706—16752-16777 & major 16835.

Option data indicated that the trading range in coming sessions would remain at 16400-17000 levels.

India VIX sharply rose 6.18% to 17.68 levels & that is favourable for bears.

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Source : Eureka

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