Pre-Open Daily Tech view of Nifty Spot for 04-08-2022

BY A STAFF REPORTER: 

Yesterday after flat opening at 17349, initially high printed at 17384 then in 1st leg of the session corrected upto 17225 and after taking support from day before yesterday’s bottom 17216 gave a smart recovery specially in last half an hour , high printed at 17407 & closed @ 17388, D to D basis up by 43 pts.

It formed a small-bodied bullish candle on the daily charts with a long lower shadow. Technically, though this pattern indicates the formation of a Hanging Man-type but there are no indications of any reversal pattern even after 6th consecutive higher high formation. Day’s low exactly supported by 5 DSMA.

Market gains on another volatile day .MPC meet outcome awaited.

On the up side :- Fresh bullish move above 17408 can extend the upswing towards 17550 and then by 17700/800 as a swing basis. Intraday basis positive above 17424 then 17455, 17484 and 17525.

Expected Upper edge of Expiry : 17575

On the down side :- Fresh bearish opportunity shall arise below 17200 as a swing basis. Intraday basis weak below 17360 & then 17340 then expected lower supports are 17316 and 17275.

Expected Lower Edge of Expiry : 17238

Option data indicates that the Nifty may trade in the broad range of 17000-17800 in the coming sessions

India VIX fell 0.4% to 18.45 levels.

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Source : Eureka

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