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

BY A STAFF REPORTER: 

Yesterday Bank Nifty started with a muted opening at 37954 and remained under pressure for most of the session and low printed at 37693. But in last leg of the session with smart recovery settled at 37989. D to D basis down by 35 points and formed a Doji pattern on the daily charts, indicating indecisiveness among bulls and bears ahead of the RBI policy outcome on 5th August.

Technically 37900 is the Pivot & 1st support area. If holds then on the upside above 38000 expected resistances are 38180 & above that 38320--38410 - 38555.

On the down side Bears will get active below 37900 & more below main support 37750 <5DSMA> & 37660 for a move towards 37550—37400 & 37225.

Today’s 1st 15 min move is very vital & it’s High and Low can guide us for the day.

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Source : Eureka

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