Pre-Open Daily Tech view of Nifty spot for 29-07-2022

BY A STAFF REPORTER: 

Yesterday Nifty advanced 287 points, or 1.73% & settled the July expiry session at 16929.

Gap up opening at 16774 as expectation amid positive global cues after the Federal Reserve raised interest rates by 75 bps along expected lines.

This was the 2nd consecutive bullish candle on the daily chart with a Gap in between 16642-16774 i.e. 130 points higher opening & It formed a bullish candlestick pattern on the daily charts, indicating that the bulls have an upper hand & that not only cross crucial 16800 but also extended upto 16947 and closed above 16900.

Today another Gap up opening is highly expected even above 200DSMA - 17030.

On the Upside :- If Nifty holds above 16746 then this rally should cross 17030 < 200DSMA> & extended basis 17200 to 17500.

On the downside:- Below 16830/800 Gap around 16750 and 16650 shall act as a strong support zone.

India VIX further cooled down, fell 6.16% to 17.01 levels.

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Source : Eureka

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