Pre-Open Daily Tech view of Nifty Spot for 07-02-2023

Yesterday Nifty Spot Closed with -0.51% or - 89 points losses to 17765 amid volatility ahead of the outcome of the MPC meeting scheduled for February 8. Though it formed bearish candlestick with inside bar pattern formation on daily charts but indicates buying interest on declines & higher low formation.

Nifty Opened at 17818 & initially High printed at 17823. That means bulls failed to cross the range of 17870-17900, lower top formed and saw a fall in Nifty but took support at 17700 that means higher bottom formed & after a very narrow range movements closed at 17765.

We may expect big move in Nifty and Reliance too in next very few days.

On the Upside :- Intraday Trading Levels :- Positive Above 17777 then Resistances are 17800- 17824.

For Swing basis if sustains above that then for a move towards 17887 & 17960. Major swing based hurdles are 18000 & 18055. Any pull back rally may fizzle out there & traders should cautious at higher ends. Otherwise if crosses then negativity will be negated & bullish rally may be extended towards 18180. MAX Pain is at 17750.

On the Down side :- Intraday basis Negative Below 17727 then supports are 17700 & below that 17666 and 17636. Swing based very major supports are 17584—17555.

Option data indicated that the Nifty could see an immediate trading range of 17600/500 to 17900/18000 levels in coming sessions.

India VIX up by 2.01% from 14.40 to 14.69 levels. Cooled down from higher levels from last 3 sessions and now needs to hold below 14, bulls favorable zone for more stability.

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Source : Eureka

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