Pre-Open Daily Tech view of Nifty spot for 06-02-2023

Nifty on Friday closed at 17854. Up by +244 points or +1.38%. It formed a 2nd consecutive basis bullish candle on the daily charts with long lower shadow indicating there was a support-based buying along with huge volumes. Getting support at 17550 <200DEMA> & closing above crucial 17800 indicates further uptrend in coming sessions, though the immediate trend of Nifty is cautious positive.

On the Up side :- Immediate basis 1st Resistance 17888/900. If crosses then 17955/972 & major 18000. These are Intraday basis resistance levels.

Extended basis swing short term crucial barriers :- 18055 & 18118. This is the trend line hurdle & traders should cautious at these higher levels as pull back rally may further fizzle out there. Current down trend to be changed if stays above 18200 mark.

On the down side :- Immediate basis 1st support 17813 to 17777/50 & that should hold. If breaches 17777/750 then down move can be extended upto 17700 & 17666. These are Intraday basis Support levels.

Only breaches 17660 then Extended basis swing short term supports :- 17584/17555 <200DEMA> & finally 17444 to 17300 <200DSMA >.

Therefore Technically current trading range is 18050—17550 & extended basis wide band is 18200—17300. As per Daily chart Pivot point 17770. Current RSI bounced from over sold stage 35, made a bullish cross with avg at 40 and now at 47, may face hurdle before 50.

Option Data also indicates the same trading range 18000 – 17500. Max Pain : 17750.

India VIX on Friday maintained it’s 5days consecutive down fall from 15.75 to 14.27. Day to day basis down - 8.50% or -1.34 points. 14 bulls comfort zone.

for opening dp and trading account online, please visit

https://ekyc.eurekasecurities.net/app/Account/Register?rmid=3226

#sharemarket #financialmarket #opentrading #opendemataccount #opendemat #sharemarket #insurance #insurancebroker #insurancebroker #trading #buyback #ipo #mutualfundinvestments #sip #investment #mutualfunds #mutualfundinvesting #sharemarket #stockmarket #investing #mutualfundsindia #equity #debt #hybrid #money #growth #wealth #trading #finance #investor #savings #wealth

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://ekyc.eurekasecurities.net/app/Account/Register?rmid=3226 for opening Trading and Demat Account.