Pre-Open Daily Tech view of Nifty Spot for 03-08-2022

BY A STAFF REPORTER: 

Yesterday slight subdued session started at 17310 and then initially corrected upto 17216. After taking support from that area gave a smart recovery, high printed at 17390 & closed @ 17345 though screen closing was at 17295.

Day to Day basis up only 5 points and formed a Doji kind of indecisive pattern on the daily charts. Volatile session with narrow range movement almost 200 points ended at top maintaining higher high-higher low formation for the fourth straight session. Up trend is continuing for the fifth consecutive session started from 16438 & in 5 days +952 points.

Though Bulls hope to test very crucial front barrier 17480/500 mark but traders should maintain cautious approach at this current juncture as Nifty gave a very swift up move of almost 1000 points in just 5 trading sessions that can lead to some profit taking, there is still no proper prior indication of any reversal pattern. Only indicator RSI as per daily chart is lying at over bought stage around 75.50 but confirmation if decisively breaks average below 68, which is indicating that the index is losing momentum.

On the up side :- 1st resistance 17390 & then major 17432 to 17485.

On the down side :- Below 17260 – 1st Support 17210 & then major 17160. If breaches then 17084 & 17020 < 5 DSMA & 200DSMA>.

Expected Main range Upside -17550 & downside 16950.

India VIX climbed further to 18.53 levels, up 5.97%. It has seen a significant upside in the last two sessions.

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Source : Eureka

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