Pre-Open Daily Tech view of Nifty Spot for 02-08-2022

BY A STAFF REPORTER: 

Yesterday Nifty Spot closed at 17340, Day to Day basis up 182 points or +1.00%

This is the 4th consecutive green candle & 2nd one above crucial psychological level & 200 DSMA 17025.

Week started with a bullish continuation of last week’s 3 bullish white soldiers candlestick pattern supported by positive G cues, FII buying and promising auto sales numbers for July.

Nifty opened positive at 17243 and immediate basis corrected up to around 17155 then through out the day gradually improved & printed the day’s high 17356 & then settled almost at top at 17340.

If bullish biasness continues for a couple of sessions above 200 –day SMA can lead to higher mile stone of 17500+ levels but traders should maintain cautious approach as the very swift up move from the lows of 16438 to 17356 i.e. +918 points in just 4 trading sessions that can lead to some profit taking, still there is no indication of any reversal pattern at the highs.

As per daily chart running RSI is 75.50, currently in a over bought stage.

On the Upside :- Intraday basis above 17356 expected barriers are 17402—17449 & then only major 17479-17527. Positional basis fresh hope only after crossing 17500 mark.

On the Down side :- Intraday basis Supports are :- 17277 & then —17230/200. Major 17140.

Immediate basis that should hold but if decisively breaches 17140 then below that swing basis major supports are 17005 <200DSMA> ---16900 <5 DSMA> & 16800.

17140 = 23.6% ; 17000 =38.2% & 16900 = 50% of 4 days total rally of 918 points. 61.8% = 16800.

Option data indicates that the Nifty could trade in the 16800-17700 range in the coming sessions.

India VIX rose 5.64% to 17.49 levels but still bulls are in comfortable stage as long as stays below 18-19 levels.

Please contact the below telephone nos for Demat and Trading Account Opening.

+91 98312 00699 / 82749 09974

For Opening DP and Trading Account online, please visit

https://kyc.eurekasecurities.net/home/index/729

Exclusive for ANM News Viewers - ANM's Financial & Insurance Related News - To join our group please visit https://www.facebook.com/groups/668263891032421

Source : Eureka

Please register at https://kyc.eurekasecurities.net/home/index/729 for opening Trading and Demat Account.