Pre-Open daily Tech View of Nifty Spot for 07-12-2022
New Update
BY A STAFF REPORTER
Yesterday Nifty started with 100 points lower opening at 18600 and initially that extended upto 18577. Then throughout the day maintained in a range bound space in between narrow range 18650 to 18600 mark & finally settled at 18643.Day to day basis though down by 54 points. But candle was bullish green candle as CL>OP. This was 3rd consecutive lower top lower bottom formation & Nifty exactly closed at 9 DMA level.
The momentum indicator RSI is moving down. However, it is sustaining above 60 levels which reflects the presence of positive momentum in the prices. As per price structure & indicators movement the wide based consolidation phase will be in a range in between 18888 and 18444 level.
Option data shows that the near-term trading range for the Nifty will be 18500-19000.
Today RBI MONETARY POLICY & it’s Impact on Nifty. We will either see 25 or 35 BPS hike but commentary of governor will be very important.
Intraday basis :- In case any pullback occurs further then on the upside fresh positive above 18666 then expected upper resistances are 18695 & only above 18700 – 18732, Major 18770-18820.
On the down side Bears will get active below 18577 for a move towards 18548 and then only major 18518-18472.
The volatility index India VIX rose to 14.04 levels, up 2.25 percent.
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