Pre-Open Daily Tech view of Nifty Spot for 27-07-2022

BY A STAFF REPORTER: 

Yesterday Nifty was down -147 points, or -0.88% & 2nd Bearish day of the week settled at 16484.

After Doji candle pattern Nifty opened flat at 16632 and corrected up to around 16500 then gave some recovery as intraday basis but failed to cross 16575/80 mark & in last leg of the session all gains not only wiped out but also corrected more breaking 16500 low printed upto 16463 & finally settled at 16484.

It formed a strong bearish engulfing candle on the daily charts.

This was the 2nd time negative closing after 6 days consecutive positive move. Traders are cautious ahead of Fed meet <27th July>. As short to very short term basis chart patterns 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 :- Nifty broke 5 DSMA 16585 & mainly closed below 200 DEMA i.e. 16520.

Now it will try to fill the Gap support 16490-16360 created on July 20 and if decisively breaks 16360-300 levels, then the selling may continue till 16100 & even 16000 as a swing basis.

Therefore Intraday basis Supports are :- 16397/360 & then —16300. Major 16224.

On the Upside :- Intraday basis 2 vital barriers are 16530—16585 & then only major 16666-700. Positional basis fresh hope only after crossing 16800.

Option data, has shifted lower now to 16200-16800 levels, from 16400-17000 levels earlier.

India VIX increased by 2.77% to 18.17 levels, making bulls more uncomfortable.

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Source : Eureka

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